Indian Stock Market: 8 Key Overnight Developments – Gift Nifty, Trump Tariffs, Fed Minutes & More

The Indian stock market is expected to open on a positive note today, with Gift Nifty trading around 25,568, about 38 points higher than the previous close of Nifty futures. This suggests a bullish start for domestic indices like Sensex and Nifty 50, despite ongoing tariff-related tensions initiated by former U.S. President Donald Trump.

On Wednesday, the Indian stock market ended a three-day winning streak, with the Sensex falling by 176 points (0.21%) to close at 83,536.08, while the Nifty 50 dropped 46 points (0.18%), settling at 25,476.10.

Ajit Mishra, SVP – Research at Religare Broking Ltd., noted:

“Markets traded within a narrow and volatile range, ending marginally lower. The Nifty saw an early dip and attempted a recovery, but late-hour declines in select heavyweight stocks dragged the index lower. As tariff concerns linger, focus now shifts to the Q1 earnings season, with TCS set to announce results today. Also, the weekly expiry may add to the volatility. We maintain a bullish outlook and suggest adopting a ‘buy on dips’ approach with emphasis on stock selection.”

Global Market Cues Impacting Indian Equities Today:

1. Asian Markets: Mixed Opening

Asian stocks opened on a mixed note after Donald Trump announced a 50% tariff on Brazilian imports, effective August 1.

• Japan: Nikkei 225 fell 0.45%, Topix declined 0.54%


• South Korea: Kospi rose 0.24%, Kosdaq gained 0.44%


• Australia: ASX 200 advanced 0.51%

2. Gift Nifty: Positive Indications

Gift Nifty traded at 25,568, about 38 points higher than Nifty futures’ last close, indicating a positive opening for Indian markets.

3. Wall Street: Strong Close

U.S. markets ended higher on Wednesday:

• Nasdaq surged as Nvidia briefly touched $4 trillion in market cap


• Dow Jones gained 217.54 points (0.49%) to 44,458.30


• S&P 500 rose 0.61% to 6,263.26


• Nasdaq Composite added 0.95%, closing at 20,611.34

Gains were supported by Fed minutes, which suggested tariff-driven inflation may not derail rate cuts this year.

4. Trump Tariffs: Global Impact

Trump announced fresh tariffs, including:

• 50% on Brazilian imports from August 1


• Tariff hikes on Philippines, Brunei, while rates were reduced for Sri Lanka, Moldova, Iraq, and Libya


• Algerian tariffs remain at 30%

These moves may affect global trade flows and economic sentiment.

5. Fed Minutes: Dovish Undertone

Minutes from the June 17-18 Fed meeting revealed a divided stance on interest rate cuts:

• Some officials were concerned about tariff-led inflation


• Others highlighted labor market softness and economic resilience
  The benchmark interest rate was held steady at 4.25%-4.5%, unchanged since December 2024.

6. US Dollar: Retreats After Spike

The U.S. dollar pulled back from a two-week high, especially after:

• Trump’s tariff threats had limited global impact


• Strong demand in the 10-year Treasury auction drove yields down
  Brazil’s real fell by 2.8%, the most affected by the proposed tariff.

7. Gold Prices: Modest Gains

Gold edged higher amid global trade tensions:

• Spot gold rose 0.3% to $3,310.26/oz


• US gold futures settled 0.1% higher at $3,321

A strong dollar capped further gains.

8. Crude Oil Prices: Dip on Growth Concerns

Oil prices fell as new U.S. tariffs fueled concerns of slowing global growth:

• Brent crude dropped 22 cents to $69.97/barrel


• WTI crude declined 27 cents to $68.11/barrel