Indian stock market: 7 key things that changed for market overnight – Gift Nifty, China NPC meet to Wall Street sell-off

Indian stock market: The domestic equity market indices, Sensex and Nifty 50, are expected to open lower on Wednesday, following weak cues from global markets.

Asian markets traded mixed, while the US stock market ended lower overnight, with the tech-heavy Nasdaq veering near correction territory.

On Tuesday, the Indian stock market ended lower, with the benchmark Nifty 50 suffering losses for the tenth consecutive session.

The Sensex declined 96.01 points, or 0.13%, to close at 72,989.93, while the Nifty 50 settled 36.65 points, or 0.17%, lower at 22,082.65.

“Given weak global cues and lack of domestic triggers, Indian equities are expected to remain largely subdued; though a continued buying interest in the broader market could provide some support to the market,” 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 mixed on Wednesday tracking overnight losses on Wall Street, amid escalating global trade tensions.

Japan’s Nikkei 225 declined 0.16% while the Topix dropped 0.15%. South Korea’s Kospi rallied 1.09% while the Kosdaq advanced 1.26%. Hong Kong’s Hang Seng index indicated a higher opening.

Gift Nifty Today

Gift Nifty was trading around 22,127 level, a discount of nearly 64 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.

Wall Street

US stock market ended lower on Tuesday amid escalating trade tensions.

The Dow Jones Industrial Average declined 670.25 points, or 1.55%, to 42,520.99, while the S&P 500 dropped 71.57 points, or 1.22%, to 5,778.15. The Nasdaq Composite closed 65.03 points, or 0.35%, lower at 18,285.16.

Tesla stock price dropped 4.43%, Citigroup share price fell 6.2% and JPMorgan Chase & Co shares declined nearly 4%. Ford stock price fell 2.9%, while General Motors stock plunged 4.6%. Target shares fell 3% and Best Buy slumped 13.3%.

China Economic Report

China kept its economic growth target for this year unchanged at roughly 5%, committing more fiscal resources than last year, as per the government document prepared for the annual meeting of the National People’s Congress (NPC). China also aims for a budget deficit of 4% of GDP in 2025, up from 3% in 2024, showed the report, which promised a “special action plan” to stimulate consumption.

Beijing plans to issue 1.3 trillion yuan ($179 billion) in special treasury bonds this year, up from 1 trillion in 2024. Local governments will be allowed to issue 4.4 trillion yuan in special debt, up from 3.9 trillion, Reuters reported.

Japan Services Activity

Japan’s service activity marked the fastest growth in six months in February. The au Jibun Bank Japan Services Business Activity Index rose to 53.7 in February from 53.0 in January, the survey compiled by S&P Global Market Intelligence showed, Reuters reported. It was better than a flash reading of 53.1.

Gold Price Today

Gold prices fell on Wednesday, pressured by rising US Treasury yields. Spot gold slipped 0.1% to $2,916.09 an ounce, while US gold futures rose 0.2% to $2,926.10.

Crude Oil Prices

Crude oil prices traded lower amid uncertainty into global markets. Brent crude oil fell 0.15% to $70.93 a barrel, while the US West Texas Intermediate (WTI) crude futures declined 0.66% to $67.81.

(With inputs from Reuters)

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