Indian stock market: 10 key things that changed for market overnight – Gift Nifty, Trump tariffs delay to US dollar

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

Asian markets traded higher, while the US stock market rallied overnight amid hopes of easing of trade tensions.

On Wednesday, the Indian stock market rallied, with both the benchmark indices ending with gains of over 1% each, marking their biggest intraday jump in a month.

The Sensex jumped 740.30 points, or 1.01%, to close at 73,730.23, while the Nifty 50 settled 254.65 points, or 1.15%, higher at 22,337.30.

“Going ahead, a sustained market recovery would be largely dependent on global developments around the US tariffs as well as continued buying interest in domestic equities,” said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded higher on Thursday, tracking overnight rally on Wall Street.

Japan’s Nikkei 225 gained 0.76%, while the Topix rose 0.78%. Japan’s 10-year government bond yield jumped 6 basis points (bps) to 1.5%, its highest level since June 2009 in early trade.

South Korea’s Kospi rallied 0.61% while the Kosdaq climbed 0.38%. Hong Kong’s Hang Seng index futures indicated a higher opening.

Gift Nifty Today

Gift Nifty was trading around 22,461 level, a premium of nearly 20 points from the Nifty futures’ previous close, indicating a flat-to-positive start for the Indian stock market indices.

Wall Street

US stock market ended higher in choppy trading on Wednesday, as investors cheered the likely easing of trade tensions.

The Dow Jones Industrial Average rallied 485.60 points, or 1.14%, to 43,006.59, while the S&P 500 gained 64.48 points, or 1.12%, to 5,842.63. The Nasdaq Composite closed 267.57 points, or 1.46%, higher at 18,552.73.

Tesla stock price rose 2.6%, Ford shares gained 5.8% and General Motors share price jumped 7.2%. Nvidia share price rallied 1.13%, while Intel shares declined 2.4%. CrowdStrike stock dropped 6.3% and Huntington Ingalls stock price surged 12.3%. Marvell Technology share price plunged 14.6% in the extended trade.

US Services PMI

US services sector growth unexpectedly picked up in February and prices for inputs increased. The Institute for Supply Management (ISM) said its non-manufacturing purchasing managers index (PMI) climbed to 53.5 last month from 52.8 in January. Economists polled by Reuters had forecast the services PMI dipping to 52.6.

US Private Payrolls

US private payrolls growth slowed sharply in February. Private payrolls increased by only 77,000 jobs last month after an upwardly revised 186,000 gain in January. Economists polled by Reuters had forecast private employment rising 140,000 following a previously reported 183,000 advance in January.

Trump Delays Auto Tariffs

US President Donald Trump will exempt automakers from his punishing 25% tariffs on Canada and Mexico for one month as long as they comply with existing free trade rules, the White House said, Reuters reported. Trump is also open to hearing about other products that should be exempted from the tariffs, which took effect Tuesday, the White House said.

RBI Liquidity Measures

The Reserve Bank of India (RBI) announced more measures to ease the tight liquidity conditions in the banking system, including the purchase of government bonds under open market operations (OMO) and foreign currency swaps. RBI will purchase government securities worth ₹1 lakh crore in two tranches of ₹50,000 crore each, to be held on 12 March and 18 March. The central bank will also conduct a buy/sell USD/INR currency swap auction amounting to $10 billion for a tenor of 36 months on 24 March.

Gold Price Today

Gold prices were little changed ahead of US non-farm payrolls data. Spot gold was steady at $2,917.90 an ounce, while US gold futures rose 0.1% to $2,927.40.

Crude Oil Price

Crude oil prices held near the lowest level in six months. Brent crude oil gained 0.32% to $69.52 a barrel, after falling 2.45% overnight, while the US West Texas Intermediate (WTI) crude futures rose 0.35% to $66.54.

Dollar

The US dollar hit a four month low. The dollar index, with the euro as its largest component, fell 1.2% to 104.29 and hit its lowest since November 8. The euro ascended to four-month highs against the US dollar, The dollar fell 0.6% against the yen to 148.87.

(With inputs from Reuters)

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