The Sensex and Nifty 50 are likely to open lower on Monday as overnight global markets weakened after US President Donald Trump announced an additional 100% tariff on Chinese imports.

Asian markets traded lower in early deals, while Wall Street tumbled last week, with the S&P 500 and the Nasdaq recording their biggest single-day percentage declines since April 10.

This week, investors will keep a close watch on key market triggers such as the US-China tariff conflict, India’s inflation data, Q2 corporate earnings, updates on the US government shutdown, IPO activity, foreign fund flows, and other domestic and global macroeconomic as well as geopolitical developments.

However, on Friday, the Indian stock market ended higher for the second straight session, with the Nifty 50 closing above the 25,200 mark.

Domestic Market Recap

On Friday, Indian indices closed in the green:

• Sensex gained by 328.72 points (0.40%) to close at 82,500.82
• Nifty 50 moved down by 103.55 points (0.41%) to settle at 25,285.35

Gift Nifty

Gift Nifty was trading near 25,327, around 83 points lower than the previous Nifty futures close, hinting at a negative start for Indian markets.

Overnight Wall Street Performance

The US stock market tumbled on Friday after President Donald Trump intensified the trade conflict with China, following Beijing’s move to tighten restrictions on rare earth exports.

• The Dow Jones Industrial Average crashed by 878.82 points (1.90%) to close at 45,479.60.
• S&P 500 down by 182.60 points (2.71%), ending at 6,552.51.
• The Nasdaq Composite was trading lower by 820.20 points (3.56%), finishing at 22,204.43.

Crude Oil Prices

Crude oil prices climbed after touching five-month lows in the previous session, as hopes grew for potential talks between the US and China to ease trade tensions.

• Brent crude gained by 1.21% to $63.49/barrel
• US West Texas Intermediate (WTI) crude was trading 1.32% higher at $59.68/barrel

Gold Prices 

Gold prices surged to a record high, fueled by safe-haven demand amid renewed concerns over the US-China trade dispute. 

• Spot gold was trading 0.6% higher at $4,043.14 per ounce.
• The US gold futures gained by 1.5% at $4,059.60.

Overnight Major Global Events Driving Sentiment

1. Trump Tariffs on China: US President Donald Trump imposed additional 100% tariffs on China’s exports to the United States and announced new export controls on “all critical software” effective November 1. He also cast doubt on the upcoming meeting with Chinese President Xi Jinping scheduled in South Korea, stating on Truth Social that “now there seems to be no reason to do so.” However, Trump later clarified that the US “wants to help China, not hurt it,” and expressed respect for President Xi, noting that he “doesn’t want Depression for his country.”
2. China on Trump Tariffs: China vowed not to yield to Trump’s 100% tariff threat and called on the US to settle disputes through dialogue rather than intimidation. The Commerce Ministry reaffirmed in an online statement, “China’s stance remains consistent — we do not seek a tariff war, but we are not afraid of one.”
3. Bitcoin Prices: Cryptocurrency markets swung between gains and losses following a massive selloff on Friday. Bitcoin last traded 0.4% higher at $115,486.04 after plunging over 12% earlier when Trump announced the tariff hike on Chinese exports. The selloff wiped out a record $19 billion in leveraged positions, with more than 1.6 million traders liquidated, according to CoinGlass data.

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