Indian stock market: The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Tuesday, following mixed global market cues, after US President Donald Trump announced steep tariffs on several countries, effective August 1.
Asian markets traded mostly higher, while the US stock market ended sharply lower overnight after Trump’s tariffs announcement.
On Monday, the Indian stock market ended flat amid uncertainty over the India-US trade deal.
The Sensex rose 9.61 points, or 0.01%, to close at 83,442.50, while the Nifty 50 settled 0.30 points higher at 25,461.30.
“Markets remain in a wait-and-watch mode ahead of trade deal updates and the start of the earnings season. That said, the underlying tone remains positive, supported by rotational buying in heavyweight stocks across sectors. Amid the ongoing consolidation, we maintain our bullish view and recommend continuing with a ‘buy on dips’ approach, focusing on stock selection based on relative strength,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded mostly higher after Trump announced steep tariffs on 14 trading partners, including Japan and South Korea. Japan’s Nikkei 225 gained 0.36%, while the Topix index rose 0.31%. South Korea’s Kospi index rallied 0.44% and the Kosdaq was up 0.19%. Hong Kong’s Hang Seng index futures indicated a weak opening.
Gift Nifty Today
Gift Nifty was trading around 25,499 level, a discount of nearly 40 points from the Nifty futures’ previous close, indicating a weak start for the Indian stock market indices.
Wall Street
US stock market ended sharply lower on Monday, after President Trump announced hefty tariffs on its trading partners.
The Dow Jones Industrial Average declined 422.17 points, or 0.94%, to 44,406.36, while the S&P 500 dropped 49.37 points, or 0.79%, to 6,229.98. The Nasdaq Composite closed 188.59 points, or 0.91%, lower at 20,412.52.
Tesla share price plunged 6.8%, Nvidia stock price fell 0.69%, Apple shares declined 1.69%, and Microsoft stock fell 0.22%. WNS Holdings shares rallied 14.3%.
Trump Tariffs
US President Donald Trump announced new tariffs ranging from 25% to 40% on imports from a number of countries, including Japan and South Korea, effective August 1. White House said that Trump will sign an order delaying higher tariffs from July 9 to August 1.
Samsung Q2 Results
Samsung Electronics projected a 56% drop in second-quarter operating profit from a year earlier, far worse than analysts expected. Samsung estimated an operating profit of 4.6 trillion won for the April-June period, versus a 6.2 trillion won LSEG SmartEstimate, Reuters reported.
That would be its weakest in six quarters, down from 10.4 trillion won in the same period a year earlier and 6.7 trillion won in the preceding quarter. Revenue would likely fall 0.1% to 74 trillion won from a year earlier.
Crude Oil Prices
Crude oil prices fell after rising almost 2% in the previous session. Brent crude futures declined 0.30% to $69.37 a barrel, while the US West Texas Intermediate crude fell 0.35% to $67.69 a barrel.
Gold Prices
Gold prices steadied after Trump’s tariff announcement on goods from Japan, South Korea and other nations, while higher US treasury yields capped gains. Spot gold fell 0.1% to $3,331.89 per ounce, while US gold futures were steady at $3,341.80.
Dollar
US dollar steadied after President Donald Trump unveiled steep tariffs on goods from a number of countries. Against a basket of currencies, the dollar was little changed at 97.40, holding on to most of its gains from Monday when it rose 0.5%. Japanese yen fell to a two-week low of 146.44 per dollar. The won rose 0.4% to 1370.20 per dollar. The euro was up 0.27% to $1.1741, while sterling edged up 0.17% to $1.3626.
(With inputs from Reuters)
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
