Indian stock market: 8 key things that changed for market overnight - Gift Nifty, US dollar to gold and silver prices

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Monday, taking a breather from previous session’s crash, with volatility likely to remain elevated, as investors react to the Union Budget 2026 proposals.

Asian markets traded mixed, while the US stock market ended lower, with stock futures declining.

On Sunday, the Indian stock market crashed in the special trading session after the announcement of the Budget proposal to increase the Securities Transaction Tax (STT) on F&O trading.

The Sensex cracked 1,546.84 points, or 1.88%, to close at 80,722.94, while the Nifty 50 settled 495.20 points, or 1.96%, lower at 24,825.45.

“While the lack of immediate consumption stimuli and increased transaction costs in financial markets (increase in STT) may pose challenges in the near term. This budget has been a balancing act, given the fiscal constraints. Here onwards, RBI’s role in implementing liquidity measures to stabilise borrowing costs and support the bond markets will be a key monitorable,” said Sandeep Das, MD & CEO Centrum Wealth.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed on Monday ahead of China’s factory activity data. Japan’s Nikkei 225 rose 0.13%, while the Topix gained 0.52%. South Korea’s Kospi declined 2.5%, and the Kosdaq plunged 3%. Hong Kong Hang Seng index futures indicated a lower opening.

Gift Nifty Today

Gift Nifty was trading around 24,902 level, a premium of nearly 49 points from the Nifty futures’ previous close, indicating a higher start for the Indian stock market indices.

Wall Street

US stock market ended lower on Friday as investors viewed President Donald Trump’s nomination of former Federal Reserve Governor Kevin Warsh as a hawkish choice.

The Dow Jones Industrial Average fell 179.09 points, or 0.36%, to 48,892.47, while the S&P 500 declined 29.98 points, or 0.43%, to 6,939.03. The Nasdaq Composite closed 223.30 points, or 0.94%, lower at 23,461.82.

For the week, the S&P 500 rose 0.3%, the Dow fell 0.4% and the Nasdaq fell 0.2%. For the month, S&P 500 gained 1.4%, Nasdaq rose 0.9% and the Dow Jones rallied 1.7%.

Japan PMI

Japan’s manufacturing activity grew at the fastest pace in about three and a half years in January. The S&P Global Japan Manufacturing Purchasing Managers’ Index (PMI) rose to 51.5 in January from 50.0 in December, the strongest level since August 2022.

Japanese Bond Yields

Japanese government bonds (JGBs) fell and the yields rose. The 20-year JGB yield climbed 2.5 basis points (bps) to 3.2%, while the five-year yield rose 2.5 bps to 1.680%.

Dollar

The US dollar index steadied at 97.22 after jumping 1% on Friday. The Japanese yen was down 0.4% to 155.39 per dollar. Euro last stood at $1.1848, while Sterling was down 0.05% to $1.3680.

Gold Prices

Gold prices extended fall, pressured by a firm dollar, while silver price recovered from a more than three-week low hit. Spot gold price fell 1.5% to $4,793.97 per ounce, while US gold futures for February delivery climbed 1.6% to $4,818.10 per ounce. Spot silver price rose 1.6% to $85.98 an ounce.

MCX gold rate for April futures ended lower by ₹4,242, or 2.87%, at ₹1,48,104 per 10 grams on Sunday. MCX silver price for March futures expiry closed at a 9% lower circuit of ₹2,65,652 per kg, down by ₹26,273.

Crude Oil Prices

Crude oil prices fell by over $1 per barrel as US President Donald Trump said over the weekend Iran was “seriously talking” with Washington. Brent crude futures fell 2.7% to $67.48 per barrel, while US West Texas Intermediate crude price declined 2.8% to $63.41 per barrel.

(With inputs from Reuters)