Indian benchmark indices, Sensex and Nifty 50, will likely open higher on Tuesday as overnight global markets traded in the green after the SCO Summit in Tianjin, even as tariff uncertainty continued to weigh on sentiment.

Asian markets opened mostly higher on 2 September, while the US stock market stayed shut for Labour Day.

Moreover, on Monday, Sensex and Nifty 50 snapped a three-day losing streak and closed with strong gains, supported by broad-based buying across sectors.

Domestic Market Recap

On Monday, Indian indices closed in the green:

• Sensex gained by 555 points (0.7%) to close at 80,364.49
• Nifty 50 moved up by 198 points (0.81%) to settle at 24,625.05

Gift Nifty

Gift Nifty was trading near 24,759, around 30 points higher than the previous Nifty futures close, hinting at a positive start for Indian markets.

Wall Street Performance

The US stock market was closed on 1 September on account of the Labour Day public holiday. 

Crude Oil Prices

Oil prices rose on Tuesday as heightened Russia-Ukraine tensions fueled concerns about potential supply disruptions.

• Brent crude gained by 0.59% to $68.55/barrel
• US West Texas Intermediate (WTI) crude was trading 1.64% higher at $65.06/barrel

Overnight Major Global Events Driving Sentiment

1. SCO Summit 2025: Prime Minister Narendra Modi and Russian President Vladimir Putin held a 50-minute conversation in Putin’s AURUS limousine on Monday, where both leaders discussed the peaceful resolution of the Ukraine conflict. “We exchanged views on regional and global developments, including the peaceful resolution of the conflict in Ukraine,” PM Modi posted on X after the meeting. Calling the interaction “excellent,” PM Modi said they explored opportunities to strengthen bilateral cooperation in trade, fertilisers, space, security, and culture during the SCO Summit sidelines.
2. Trump on Tariffs: US President Donald Trump on Monday blasted trade relations with India as “a completely one-sided disaster!” in the aftermath of PM Modi’s China visit for the SCO Summit. Trump claimed India had offered to cut tariffs to zero but argued that the move was long overdue, remarking, “It’s getting late… they should have done this years ago,” without clarifying when the offer was made.

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