Indian stock market: 7 key things that changed for market over weekend - Gift Nifty, Trump tariffs threat to gold prices

  • Indian stock market: Gift Nifty was trading around 23,500 level, a premium of nearly 120 points from the Nifty futures’ previous close, indicating a gap-up start for the Indian stock market indices.

Ankit Gohel
Published24 Mar 2025, 07:04 AM IST
Indian stock market: Asian markets traded lower, while the US stock market ended higher on Friday, with the Dow Jones posting the largest weekly gain in two months.
Indian stock market: Asian markets traded lower, while the US stock market ended higher on Friday, with the Dow Jones posting the largest weekly gain in two months.(Photo: Bloomberg)

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open higher on Monday, extending the rally from last week, amid mixed global market cues.

Asian markets traded lower, while the US stock market ended higher on Friday, with the Dow Jones posting the largest weekly gain in two months.

This week, investors will monitor some key stock market triggers, including March derivatives contracts expiry, US President Donald Trump’s tariff announcements, flow of foreign funds, domestic and global macroeconomic data, and other key global market cues in the last week of FY25.

On Friday, the Indian stock market ended with strong gains, extending its winning streak for the fifth consecutive session. For the week, the benchmark indices Sensex and Nifty 50 jumped over 4%, posting the strongest weekly run since February 2021.

The Sensex rallied 557.45 points, or 0.73%, to close at 76,905.51, while the Nifty 50 settled 159.75 points, or 0.69%, higher at 23,350.40.

“With the recent fall making stocks attractive across several sectors, including broader mid & small-cap indices, investors continued with short covering which helped Sensex breach the 77,000 mark in intra-day trades. Also, investors could be squaring off their positions ahead of this week’s monthly F&O expiry, resulting in a sharp rally,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

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Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mostly lower on Monday ahead of the deadline for the implementation of US President Donald Trump’s reciprocal tariff on April 2.

Japan’s Nikkei 225 gained 0.28%, while the Topix rose 0.13%. South Korea’s Kospi fell 0.36%, and the Kosdaq eased 0.05%. Hong Kong’s Hang Seng index futures indicated a lower opening.

Gift Nifty Today

Gift Nifty was trading around 23,500 level, a premium of nearly 120 points from the Nifty futures’ previous close, indicating a gap-up start for the Indian stock market indices.

Wall Street

US stock market ended higher on Friday after US President Donald Trump’s comments provided hope that previously announced tariffs expected to begin in early April may not be as burdensome as feared.

The Dow Jones Industrial Average advanced 32.03 points, or 0.08%, to 41,985.35, while the S&P 500 rose 4.67 points, or 0.08%, to 5,667.56. The Nasdaq Composite closed 92.43 points, or 0.52%, higher at 17,784.05.

For the week, the S&P 500 gained 0.5%, the Nasdaq rose 0.17%, and the Dow rallied 1.2%.

Tesla share price rallied 5.27%, while Nvidia shares fell 0.70% and Microsoft stock price gained 1.14%. Nike shares declined 5.46%, FedEx stock slumped 6.45% and UPS stock declined 1.61%. Boeing share price jumped 3.06%.

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Trump’s Reciprocal Tariffs

Donald Trump’s planned “reciprocal tariffs” expected April 2 are set to be more focused than the barrage he has occasionally threatened, Bloomberg reported, quoting sources. Some countries will be exempt, and existing levies on steel and other metals may not be cumulative, the report said.

Japan PMI

Japan’s factory activity fell at the fastest pace in a year in March, while the service sector also lost momentum. The au Jibun Bank Japan flash manufacturing purchasing manager’ index (PMI) fell to 48.3 in March, the lowest in a year, from 49.0 in February, Reuters reported. The au Jibun Bank flash services PMI shrank to 49.5 in March from 53.7 in February, the first contractionary reading since last October.

The au Jibun Bank flash Japan composite PMI, which combines both manufacturing and service sector activity, slipped to 48.5 from 52.0 in February, also the first contraction in five months.

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Gold Prices

Gold prices traded higher as concerns over Trump’s impending reciprocal tariffs and the potential for interest rate cuts by the US Federal Reserve this year supported bullion’s safe-haven appeal.

Spot gold rose 0.1% to $3,025.12 an ounce, while the US gold futures gained 0.3% to $3,030.70.

Crude Oil Prices

Crude oil prices eased after gaining over 2% last week. Brent crude oil fell 0.14% to $72.06 a barrel after rising 2.2% last week, while the US West Texas Intermediate (WTI) crude futures eased 0.03% to $68.26.

(With inputs from Reuters)

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First Published:24 Mar 2025, 07:04 AM IST
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