Indian stock market: 8 key things that changed for market overnight - Gift Nifty, Trump Tariffs to Nvidia Q2 results

Indian stock market: The domestic equity market benchmark indices, Sensex and Nifty 50, are expected to open lower on Thursday as the additional US tariffs of 25% on Indian exports has come into effect, taking the cumulative tariff imposed by the US on India to 50%.

Asian markets traded mixed, while the US stock market ended higher overnight, with the S&P 500 touching an intra-day record high.

Indian markets were closed on Wednesday, August 26, on account of Ganesh Chaturthi.

On Tuesday, the Indian stock market ended sharply lower, weighed down by selling across sectors, eroding investors’ wealth by about ₹6 lakh crore in a single day.

The Sensex crashed 849.37 points, or 1.04%, to close at 80,786.54, while the Nifty 50 settled 255.70 points, or 1.02%, lower at 24,712.05.

“Going ahead, export-oriented sectors may continue to face selling pressure on any uptick, while domestic demand-driven segments like FMCG and consumer discretionary could offer relative stability. Key triggers to monitor include foreign fund flows, global market trends, and any policy measures aimed at cushioning trade-related concerns,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.

Here are key global market cues for Sensex today:

Asian markets traded mixed on Thursday. Japan’s Nikkei 225 rose 0.20%, while the Topix gained 0.11%. South Korea’s Kospi rallied 0.29% and the Kosdaq declined 0.34%. Hong Kong’s Hang Seng index futures indicated a lower opening.

Gift Nifty was trading around 24,649 level, a discount of nearly 82 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.

US stock market ended higher on Wednesday, with the S&P 500 touching an intra-day record high.

The Dow Jones Industrial Average gained 0.31% to 45,557.67, while the S&P 500 rose 0.22% to 6,480.05. The Nasdaq closed 0.18% higher at 21,583.83.

Nvidia share price closed 0.1% higher, but declined 3.14% in extended trading. Microsoft shares rose 0.94%, Meta Platforms stock price fell 0.89%, Apple shares price added 0.94%, while Tesla stock price dropped 0.59%. MongoDB shares soared 35% and JM Smucker shares fell about 5%.

The additional tariffs imposed by the US administration on Indian exports took effect on August 27. US President Donald Trump had earlier signed an executive order imposing an additional 25% tariff on imports from India, in response to India importing crude oil from Russia. The total US tariffs on Indian exports stands at 50%.

Nvidia share price fell over 3% in extended trading on Wednesday after the company reported its Q2 results,

Nvidia posted Q2 revenue of $46.7 billion, up 56% from a year earlier and slightly above Wall Street’s estimate of $46.2 billion. Adjusted profit stood at $26.4 billion, or $1.05 per share, beating the consensus forecast of $1.01. Nvidia expects revenue of $54 billion, plus or minus 2%, for Q3, ahead of analysts’ average forecast of $53.14 billion, according to LSEG data. The company’s Q3 forecast excludes any contribution from H20 sales. The company disclosed a $4 billion decline in sales of its H20 processors to China.

New York Federal Reserve Bank President John Williams said on CNBC it is likely interest rates can fall at some point but policymakers need to see upcoming economic data to decide if a rate cut is appropriate at the Fed’s September meeting.

The US dollar fell on rising bets for a Federal Reserve interest rate reduction next month. The dollar index, which gauges the currency against six major peers, was steady at 98.135, following two days of declines. The euro added 0.07% to $1.1646, and sterling edged up 0.03% to $1.3504. The dollar was up 0.05% to 147.47 yen, but edged 0.04% lower to 7.1491 yuan in offshore trading., Reuters reported.

Crude oil prices traded lower. Brent crude futures dropped 0.53% to $67.69, and West Texas Intermediate (WTI) crude futures declined 0.59% to $63.77, after climbing more than 1% in the previous session.

(With inputs from Reuters)

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