Benchmark domestic indices, Sensex and Nifty 50, are likely to open higher on Thursday, buoyed by positive cues from overnight global markets.
Asian markets traded in the green, and US stock futures advanced after a US Federal court barred President Donald Trump from enforcing broad tariffs under emergency powers legislation.
However, on Wednesday, Indian markets closed lower, marking their second straight session of losses.
Domestic Market Recap
On Wednesday, Indian indices closed in the red:
- Sensex slipped by 239.31 points (-0.29%) to close at 81,312.32
- Nifty 50 moved down by 73.75 points (-0.30%) to settle at 24,752.45
Gift Nifty
Gift Nifty was trading near 24,813, around 50 points higher than the previous Nifty futures close, hinting at a positive start for Indian markets.
Overnight Wall Street Performance
The US stock market closed lower on Wednesday as investors assessed the minutes from the latest Federal Reserve meeting. However, US stock futures climbed on Thursday, indicating a potential rebound:
- Dow Jones Industrial Average slumped by 244.95 (-0.28%) points to close at 42,098.70.
- S&P 500 dropped by 32.99 points (-0.56%), ending at 5,888.55.
- Nasdaq Composite plunged 98.23 points (-0.51%), finishing at 19,100.94.
Overnight Gold Prices
- Spot gold slipped by 0.5% to $3,262.99/oz
- US gold futures dropped by 1.1% to $3,259.50
Crude Oil Prices
- Brent crude gained by 1.2% to $65.68/barrel
- US West Texas Intermediate (WTI) crude: 1.29% to $62.64/barrel
Major Global Events Driving Sentiment
- IIP Data: India’s industrial output growth slowed to 2.7% in April 2025 as the manufacturing, mining, and power sectors underperformed. In comparison, factory output was measured by the Index of Industrial Production (IIP), which had increased by 5.2% in April 2024. The National Statistics Office (NSO) also revised March’s industrial growth upward to 3.9% from the earlier estimate of 3%.
- US Federal Reserve Meeting Minutes: US Federal Reserve officials acknowledged at their May 6–7 meeting that they may soon face “difficult tradeoffs” if both inflation and unemployment rise. Fed staff projections also signalled a higher risk of recession, according to minutes reported by Reuters.
- Trump Tariffs Blocked: A US trade court blocked President Donald Trump’s proposed tariffs, ruling that he exceeded his authority. The Court of International Trade in Manhattan stated that the Constitution grants Congress the exclusive right to regulate foreign commerce, which cannot be overridden by the president’s emergency economic powers, Reuters reported.
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