Indian stock market: 8 key things that changed for market overnight - Gift Nifty, US stock market crash to Trump tariffs

Indian stock market: The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Friday, following weakness in global markets after levy of US trade tariffs.

Global markets are rattled after US President Donald Trump’s sweeping tariffs stoked concerns over a full blown trade war and fears of a global economic recession.

Asian markets traded lower, while the US stock market crashed overnight, with the S&P 500 companies erasing a combined market value of $2.4 trillion.

On Thursday, the Indian stock market ended lower after the US President Donald Trump announced reciprocal tariffs on countries that have high barriers to US imports, including India.

The Sensex declined 322.08 points, or 0.42%, to close at 76,295.36, while the Nifty 50 settled 82.25 points, or 0.35%, lower at 23,250.10.

“Weak sentiment prevailed through the session as global indices, including local benchmark indices reacted to Trump’s nation-wise tariff structure announcement. Investors resorted to selective profit-taking in IT and auto stocks, with a sharp fall in crude oil prices and bearish Dow Futures further dampening the sentiment,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets declined on Friday, tracking overnight losses on Wall Street after President Trump’s tariffs rattled global markets.

Japan’s Nikkei 225 declined 2.07%, while the Topix fell 2.69%. South Korea’s Kospi dropped 1.15% and the small-cap Kosdaq fell 0.68%. Hong Kong and China markets are closed for the Qingming Festival.

Gift Nifty Today

Gift Nifty was trading around 23,206 level, a discount of nearly 120 points from the Nifty futures’ previous close, indicating a gap-down start for the Indian stock market indices.

Wall Street

US stock market crashed on Thursday, with the Wall Street benchmark indices ending with the largest single-day percentage losses since 2020.

The Dow Jones crashed 1,679.39 points, or 3.98%, to 40,545.93, while the S&P 500 sank 274.45 points, or 4.84%, to 5,396.52. The Nasdaq Composite closed 1,050.44 points, or 5.97%, lower at 16,550.61.

Apple share price plunged 9.2%, Nvidia stock price slumped 7.8%, Amazon.com shares dropped 9%, while Microsoft stock declined 2.4%, and Advanced Micro Devices shares cracked 8.90%. Tesla stock price slumped 5.47%, and Ford Motors shares plummeted 6.01%.

The US dollar sank against major peers, dropping to six-month lows against the euro. US 10-year Treasury yields hit its lowest level since November 25.

US Jobless Claims

The number of Americans filing new applications for unemployment benefits fell last week. Initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 219,000 for the week ended March 29. Economists polled by Reuters had forecast 225,000 claims for the latest week.

US Services PMI

The US services sector slowed to a nine-month low in March. The Institute for Supply Management (ISM) said that its nonmanufacturing purchasing managers index (PMI) dropped to 50.8 last month, the lowest reading since June 2024, from 53.5 in February. Economists polled by Reuters had forecast the services PMI easing to 53.

Gold Prices

Gold prices held steady on Friday, set for a fifth consecutive weekly gain, amid increased safe-haven demand. Spot gold held its ground at $3,109.95 an ounce. US gold futures firmed 0.3% to $3,129.60.

Japanese Household Spending

Japanese household spending fell for the first time in three months in February. Consumer spending fell 0.5% in February from a year earlier, better than the median market forecast for a 1.7% drop but down from January's 0.8% increase, Reuters reported. On a seasonally adjusted, month-on-month basis, spending climbed 3.5%, versus an estimated 0.5% rise.

Crude Oil Prices

Crude oil prices fell after Trump’s tariffs and OPEC decision to increase output faster than previously announced. Brent crude oil fell 0.51% to $69.78 a barrel, while the US West Texas Intermediate (WTI) crude futures declined 0.52% to $66.60.

(With inputs from Reuters)

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.