Indian stock market: 10 key things that changed for market overnight- Gift Nifty, Tariff war to Russia-Ukraine ceasefire

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open on a cautious note on Wednesday, following mixed cues from global markets.

Asian markets traded mostly higher, while the US stock market ended lower overnight, amid tariff updates, and progress toward a ceasefire between Ukraine and Russia.

On Tuesday, the Indian stock market indices ended flat amid growing global uncertainty over the impact of US President Donald Trump’s tariff policies and their economic fallout.

The Sensex eased 12.85 points, or 0.02%, to close at 74,102.32, while the Nifty 50 settled 37.60 points, or 0.17%, higher at 22,497.90.

“Markets ended mixed in a choppy trading session with benchmark Nifty 50 erasing its losses towards close due to selective buying. Weakness in Asian and US markets indices kept the mood cautious, while strong foreign fund outflows coupled with volatile currency and global economic uncertainty continue to make investors risk averse,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mostly higher, breaking ranks with overnight fall on Wall Street.

Japan’s Nikkei 225 index was flat, while the Topix index rose 0.45%. South Korea’s Kospi index rallied 1.06%, while the Kosdaq gained 1.48%. Hong Kong’s Hang Seng index futures pointed to a weaker opening.

Gift Nifty Today

Gift Nifty was trading around 22,550 level, a discount of nearly 14 points from the Nifty futures’ previous close, indicating a flat-to-negative start for the Indian stock market indices.

Wall Street

US stock market ended lower on Tuesday, amid worries about the impact of the latest tariff threats on the global economy.

The Dow Jones Industrial Average declined 478.23 points, or 1.14%, to 41,433.48, while the S&P 500 dropped 42.49 points, or 0.76%, to 5,572.07. The Nasdaq Composite closed 32.23 points, or 0.18%, lower at 17,436.10.

Tesla share price gained 3.8%, while Nvidia stock price rose 1.66%. Apple shares declined 2.92%, while Amazon stock added 1.05%.

Kohl shares plummeted 24.1%, Dick’s Sporting Goods stock price dropped 5.7%, Delta Air Lines share price stumbled 7.3% and American Airlines shares slumped 8.3%, while Oracle lost 3.1%.

US-Canada Tariff War

US President Donald Trump reversed course on a pledge to double tariffs on steel and aluminum from Canada to 50%, just hours after announcing the higher tariffs, Reuters reported. The switch came after a Canadian official also backed off his own plans for a 25% surcharge on electricity.

Russia-Ukraine Ceasefire

Ukraine agreed to accept an immediate 30-day ceasefire in the conflict with Russia during talks with US officials in Saudi Arabia. Ukraine expressed readiness to accept the US proposal to enact an immediate, interim 30-day ceasefire, which can be extended by mutual agreement of the parties, and which is subject to acceptance and concurrent implementation by the Russian Federation.

Canadian Dollar

The US dollar rose to a one-week high before weakening against the Canadian dollar on the tariff news, while the euro briefly hit a five-month high. The Canadian dollar was up 0.06% versus the greenback to C$1.44 per dollar. The euro was up 0.71% at $1.0909, while against the Japanese yen the dollar strengthened 0.38% to 147.82.

US Job Openings

US job openings increased in January, but demand for labor is likely to soften in the months ahead. Job openings, a measure of labor demand, rose 232,000 to 7.740 million on the last day of January, the Job Openings and Labor Turnover Survey, or JOLTS report said. Data for December was revised lower to show 7.508 million vacancies instead of the previously reported 7.600 million. Economists polled by Reuters had forecast 7.63 million unfilled positions.

Japan Wholesale Inflation

Japan’s annual wholesale inflation hit 4.0% in February. The rise in the corporate goods price index (CGPI) matched a median market forecast. It slowed from a 4.2% year-on-year increase in January. Yen-based import prices fell 0.7% in February from a year earlier after a 2.3% gain in January.

Crude Oil Prices

Crude oil prices traded higher as the US cut its forecast for an oversupply. Brent crude oil gained 0.46% to $69.88 a barrel, while the US West Texas Intermediate (WTI) crude futures rallied 0.54% to $66.61.

Gold Price Today

Gold prices fell on a possible ceasefire deal in Ukraine. Spot gold fell 0.1% to $2,912.71 an ounce, while US gold futures eased 0.1% to $2,919.00.

(With inputs from Reuters)

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