Indian stock market: 8 key things that changed for market overnight – Gift Nifty, Trump tariffs, IIP data to oil prices

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to see a cautious opening on Tuesday amid mixed cues from global markets.

Asian markets traded higher, while the US stock market ended mixed overnight, with a slight gain for the S&P 500 marking its fifth straight daily advance, its longest streak of gains since early November.

On Monday, the Indian stock market ended with strong gains, with both the benchmark indices rallying more than a percent each.

The Sensex surged 1,005.84 points, or 1.27%, to close at 80,218.37, while the Nifty 50 settled 289.15 points, or 1.20%, higher at 24,328.50.

“The buoyancy is certainly encouraging; however, participants should maintain a positive yet cautious bias, given the lingering geopolitical tensions. A decisive breakout above 24,400 could trigger fresh momentum in the Nifty 50, potentially propelling it towards the 24,800 marks. Amidst all this, the focus should remain on sectors and themes showing consistent outperformance, with an aim to accumulate quality counters on any intermediate dips,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded higher on Tuesday as investors monitor developments surrounding trade deal negotiations between the US and countries in the region.

Japanese markets were closed for a public holiday. South Korea’s Kospi index was flat, while the Kosdaq gained 0.39%. Hong Kong’s Hang Seng index futures indicated a slightly higher opening.

Gift Nifty Today

Gift Nifty was trading around 24,469 level, a premium of nearly 16 points from the Nifty futures’ previous close, indicating a flat start for the Indian stock market indices. 

Wall Street

US stock market ended mixed on Monday ahead of earnings from several tech giants and major economic data releases this week. Lack of clarity on US-China trade negotiations kept the market sensitive to any development.

The Dow Jones Industrial Average gained 114.09 points, or 0.28%, to 40,227.59, while the S&P 500 rose 3.54 points, or 0.06%, to 5,528.75. The Nasdaq Composite closed 16.81 points, or 0.10%, lower at 17,366.13.

Nvidia stock price fell 2.1%, Amazon shares dropped 0.7%, Apple share price rose 0.4%, and Meta stock price rose 0.5%. Boeing shares added 2.4%, while Spirit AeroSystems shares advanced 2.6%.

US Tariffs

US Treasury Secretary Scott Bessent said that several top trading partners had made “very good” proposals to avoid US tariffs, with India likely to be among the first to finalize a deal. China’s recent moves to exempt certain US goods from its retaliatory tariffs showed a willingness to de-escalate tensions between the world’s two largest economies, Bessent added.

IIP Data

India’s industrial production growth remained almost flat at 3% in March sequentially, though, on a year-on-year basis, it slipped from 5.5%, mainly due to poor performance of the manufacturing, mining and power sectors.

In the fiscal 2024-25, the factory output, measured in terms of the Index of Industrial Production (IIP), decelerated to a four-year low of 4%. It was 5.9% in 2023-24.

Gold Prices

Gold prices fell as easing trade tensions between the US and its trading partners dented the metal’s safe-haven appeal. Spot gold price declined 0.3% to $3,332.99 an ounce, while US gold futures lost 0.1% to $3,343.20.

Crude Oil Prices

Crude oil prices fell as investors lowered their demand growth expectations due to the ongoing trade war between the United States and China. Brent crude futures fell 0.4% to $65.61 per barrel, while US West Texas Intermediate crude futures declined 0.3% to $61.87 a barrel.

US Dollar

The dollar barely recouped its heavy losses. The US dollar index last steadied at 99.079 against a basket of currencies, having fallen 0.6% in the previous session. The US currency was last up 0.11% at 142.19 yen, and ticked 0.18% higher against the Swiss franc to 0.8217. The euro was down 0.15% at $1.1404, while Sterling was pinned near a three-year top and last bought $1.3427

(With inputs from Reuters)

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