Indian stock market: 10 things that changed for market overnight – Gift Nifty, Trump Tariffs to SEBI board meet outcome

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open higher on Tuesday, following a rally in global markets.

Asian markets traded higher, while the US stock market surged overnight, with the S&P 500 ending at its highest in over two weeks.

On Monday, the Indian stock market extended the rally for the sixth consecutive session, with the benchmark Nifty 50 closing above 23,650 level.

The Sensex jumped 1,078.87 points, or 1.40%, to close at 77,984.38, while the Nifty 50 settled 307.95 points, or 1.32%, higher at 23,658.35.

“Renewed optimism by foreign investors after a sharp fall in local currency coupled with strong US and European market cues further bolstered the sentiment. Also, the moderating domestic inflation and hopes of further cuts in interest rates have temporarily offset the concerns of tariff-related global uncertainty,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Here are key domestic and global market cues for Sensex today:

Asian Markets

Asian markets traded higher on Tuesday, following overnight rally on Wall Street on hopes of softer-than-expected tariffs by US President Donald Trump.

Japan’s Nikkei 225 rallied 1.15%, while the Topix index gained 0.50%. South Korea’s Kospi index rose 0.49% and the Kosdaq added 0.30%. Hong Kong’s Hang Seng index futures indicated a weak opening.

Gift Nifty Today

Gift Nifty was trading around 23,758 level, a premium of nearly 59 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Wall Street

US stock market ended higher on Monday after signs that the Trump administration might take a more measured approach on tariffs against US trading partners.

The Dow Jones Industrial Average rallied 1.42% to 42,583.32, while the S&P 500 gained 1.76% to 5,767.57. The Nasdaq closed 2.27% higher at 18,188.59.

Nvidia share price surged 3.15% and Advanced Micro Devices shares jumped 6.96%. Tesla stock price spiked 11.93% in its biggest one-day gain since early November.

Dun & Bradstreet shares gained 3%, Lockheed Martin stock fell over 1%, while MicroStrategy share price advanced 10% and Coinbase shares rallied 7%.

Trump Tariffs

US President Donald Trump said automobile tariffs are coming soon, but said not all of his threatened levies would be imposed on April 2 and he may give “a lot of countries” breaks on tariffs. Trump said he will in the very near future announce tariffs on automobiles, aluminum and pharmaceuticals.

Trump also issued an executive order declaring that any country buying oil or gas from Venezuela will pay a 25% tariff on trades with the US.

US PMI

US business activity picked up in March. S&P Global’s flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 53.5 this month from 51.6 in February.

The survey’s flash manufacturing PMI dropped to 49.8 from 52.7 in February. Economists polled by Reuters had forecast the manufacturing PMI slipping to 51.7. Its flash services PMI rose to 54.3 from 51.0 last month. Economists had forecast the services PMI falling to 50.8.

SEBI Board Meet Outcome

The Securities & Board of India (SEBI) has relaxed its rules for foreign investors, alternative investment funds, and registered investment advisors. At the same time, the capital market regulator will also review several provisions relating to conflict of interest and related matters pertaining to its members and officials.

RBI’s Revised PSL Guidelines

The Reserve Bank of India (RBI) issued revised guidelines on Priority Sector Lending (PSL) to facilitate better targeting of bank credit to the priority sectors of the economy.

The major changes in the new norms include the enhancement of several loan limits, including housing loans for enhanced PSL coverage and the broadening of the purposes based on which loans may be classified under ‘renewable energy’. The new guidelines will come into effect from April 01, 2025.

BoJ Meeting Minutes

Bank of Japan policymakers discussed the pace of raising interest rates further after deciding to hike short-term interest rates to the highest in 17 years, minutes of their January meeting showed on Tuesday, Reuters reported.

US Dollar

The US dollar hit a three-week high on the yen and was firm across the board. The dollar jumped 0.9%, pulling above 150 yen. The dollar was last trading at $1.0796 per euro, while sterling hit a two-week low of $1.2883 before steadying at $1.2918. The US dollar index notched a fourth straight session of gains to settle at 104.3.

Gold Prices

Gold prices traded lower after Trump eased tariffs concerns, while a Federal Reserve official signalled a cautious stance on interest rate cuts this year. Spot gold fell 0.1% to $3,010.72 an ounce, while US gold futures were steady at $3,015.10.

(With inputs from Reuters)

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