Indian stock market: The domestic equity market benchmark indices, Sensex and Nifty 50, are expected to open higher on Thursday, following upbeat global market cues.
Asian markets traded higher, while US stock futures gained after a US Federal court blocked US President Donald Trump from imposing sweeping tariffs under emergency powers law.
On Wednesday, the Indian stock market ended lower, extending losses for the second consecutive session.
The Sensex dropped 239.31 points, or 0.29%, to close at 81,312.32, while the Nifty 50 settled 73.75 points, or 0.30%, to lower at 24,752.45.
“Markets were extremely range-bound with a negative bias as weak European cues and domestic monthly F&O expiry on Thursday prompted investors to trim their holdings. The minutes of the US FOMC meeting held in early May to be released today will provide some hint to the markets on the direction of the interest rates going ahead,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded higher on Thursday after a US federal court blocked US President Donald Trump’s tariffs. Japan’s Nikkei 225 rallied 1.18%, and the Topix gained 0.79%. South Korea’s Kospi advanced 0.78% and the Kosdaq rose 0.44%. Hong Kong markets futures indicated a flat-to-lower opening.
Gift Nifty Today
Gift Nifty was trading around 24,813 level, a premium of nearly 50 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
Wall Street
US stock market ended lower on Wednesday as investors digested minutes from the last Federal Reserve meeting. However, US stock futures jumped on Thursday.
Dow Jones Industrial Average futures gained 1.15%, while futures tied to the S&P 500 surged 1.44%, and Nasdaq 100 futures jumped 1.76%.
On Wednesday, the Dow Jones Industrial Average declined 244.95 points, or 0.58%, to 42,098.70, while the S&P 500 dropped 32.99 points, or 0.56%, to 5,888.55. The Nasdaq Composite closed 98.23 points, or 0.51%, lower at 19,100.94.
Nvidia share price ended 0.51% lower, but the chipmaker’s stock jumped 5% after the closing bell. Tesla stock price dropped 1.65%, Cadence Design Systems shares ended down 10.7%, and Synopsys stock plunged 9.64%.
Trump Tariffs Blocked
A US trade court blocked President Donald Trump’s tariffs from going into effect, ruling that the president overstepped his authority, Reuters reported. The Manhattan-based Court of International Trade said the US Constitution gives Congress exclusive authority to regulate commerce with other countries that is not overridden by the president’s emergency powers to safeguard the US economy.
US Federal Reserve Meeting Minutes
US Federal Reserve officials at their last meeting acknowledged they could face “difficult tradeoffs” in coming months in the form of rising inflation alongside rising unemployment, an outlook buttressed by Fed staff projections of increased risks of a recession, according to newly released minutes of the May 6-7 session, Reuters reported.
Nvidia Q1 Results
Nvidia reported revenue for the first quarter ended April 27, 2025, of $44.1 billion, up 12% QoQ, and up 69% YoY. On an adjusted basis, Nvidia earned 81 cents per share in Q1. Excluding the charges, Q1 adjusted earnings per share would have been 96 cents.
Nvidia expects revenue of $45 billion, plus or minus 2%, in the second quarter which runs through July, compared with analysts’ average estimate of $45.90 billion, according to data compiled by LSEG. It forecast an $8 billion hit to Q2 revenue from US curbs on its AI chips exports to China.
Dollar
The US dollar rallied sharply after a court blocked President Donald Trump from imposing his so-called Liberation Day import tariffs. The dollar index, which measures the US currency against six major peers, rose above 100 for the first time in a week and was last at 100.40. The greenback gained 0.6% against the yen to 145.72 and 0.65% against the franc to 0.8326. The euro fell 0.5% to $1.1232, while Sterling dropped 0.2% to $1.3432.
IIP Data
India’s industrial production growth slowed to 2.7% in April 2025 due to poor performance of manufacturing, mining and power sectors. The factory output, measured in terms of the Index of Industrial Production (IIP), rose by 5.2% in April 2024. The National Statistics Office (NSO) also revised upwards industrial production growth for March to 3.9% from the earlier estimate of 3% released last month.
Gold Prices
Gold prices hit a more than one-week low as the dollar rallied and risk sentiment improved. Spot gold price fell 0.5% to $3,262.99 an ounce, its lowest since May 20. US gold futures dropped 1.1% to $3,259.50.
Crude Oil Prices
Crude oil prices rose after a US court blocked Trump’s tariffs from taking effect. Brent crude futures rose 1.20% to $65.68 a barrel, while US West Texas Intermediate crude gained 1.29% to $62.64 a barrel.
(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.