Indian stock market: 8 things that changed for market overnight – Gift Nifty, Modi-Trump meet to US reciprocal tariffs

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

Asian markets gained, while the US stock market ended higher overnight led by tech stocks.

US President Donald Trump announced plans to impose reciprocal tariffs on every country taxing US imports fuelled concerns of a global trade war.

Prime Minister Narendra Modi met Trump in Washington DC in what the PMO called ‘productive discussions’. PM Modi offered to talk about easing tariffs, and discussed defence and trade deals.

On Thursday, the Indian stock market wiped-off early gains and succumbed to fag-end selling pressure to close marginally lower, extending the losing streak to the seventh consecutive session.

The Sensex eased 32.11 points, or 0.04%, to close at 76,138.97, while the Nifty 50 settled 13.85 points, or 0.06%, lower at 23,031.40.

“We expect domestic equities to react to the outcome of the Modi-Trump meeting and the last set of Q3 earnings to be announced,” 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 Friday, following overnight rally on Wall Street.

Japan’s Nikkei 225 eased 0.15%, while the Topix index rose 0.31%. South Korea’s Kospi gained 0.14% and the Kosdaq rallied 0.74%. Hong Kong’s Hang Seng index futures indicated a stronger open.

Gift Nifty Today

Gift Nifty was trading around 23,195 level, a premium of nearly 87 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 Thursday after President Donald Trump unveiled a roadmap for charging reciprocal tariffs on US trading partners.

The Dow Jones Industrial Average gained 0.77% to 44,711.43, while the S&P 500 rallied 1.04% to 6,115.07. The Nasdaq closed 1.50% higher at 19,945.64.

Tesla share price jumped 5.9%, Nvidia shares surged 3.2% and Apple stock price gained 2%. Chevron stock added 0.6%, MGM Resorts International shares advanced 17% and Trade Desk share price crashed 33%.

Modi-Trump Meet

India and the US have announced ambitious plans to boost their strategic ties in several critical areas like defence and energy, with President Donald Trump announcing after talks with Prime Minister Narendra Modi is paving the way to provide New Delhi with F-35 fighter jets as part of increasing military supplies by billions of dollars. PM Modi claimed that India and the US have jointly set a target of doubling their bilateral trade to $500 billion by 2030.

US Producer Prices

US producer prices increased solidly in January. The producer price index (PPI) for final demand rose 0.4% last month after an upwardly revised 0.5% gain in December. Economists polled by Reuters had forecast the PPI rising 0.3%. In the 12 months through January, the PPI advanced 3.5% after increasing 3.3% in December.

US Jobless Claims

The number of Americans filing new applications for unemployment benefits decreased last week. Initial claims for state unemployment benefits fell 7,000 to a seasonally adjusted 213,000 for the week ended February 8. Economists polled by Reuters had forecast 215,000 claims for the latest week.

US Dollar

The dollar index, which measures the greenback against a basket of currencies, fell 0.76% to 107.09, with the euro up 0.75% at $1.046. Against the Japanese yen, the dollar weakened 1.06% to 152.78 and Sterling strengthened 0.92% to $1.2556.

Gold Prices Today

Gold prices held steady on Friday, and were poised for a seventh consecutive weekly gain. Spot gold held its ground at $2,929.02 per ounce. US gold futures rose 0.4% to $2,957.50.

(With inputs from Reuters)

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