On Wednesday, July 9, the Nifty 50 and Sensex are likely to open on a negative note, following weak global market cues after U.S. President Donald Trump refused to extend the new August deadline for the start of ‘reciprocal tariffs’.
As of 7:17 AM, the GIFT Nifty was trading near the 25,579 mark, down 25 points from its previous close, indicating that the Indian market is likely to open lower.
Asian markets traded mixed as investors reacted to Trump's firm stance on the August 1 tariff deadline. U.S. markets ended flat to lower. Trump proposed steep tariffs on copper and pharmaceuticals. Copper futures surged 17% before correcting, with New York copper at $5.51/lb and London Metal Exchange prices down 1.7%.
Metal stocks and pharmaceutical stocks likely to be under pressure today due to U.S. President hefty tariffs on on copper and pharmaceutical companies Trump Tariffs.
On Tuesday, July 8, Foreign Institutional Investors (FIIs) were net buyers, having seller equities worth ₹26.12 crore. Domestic Institutional Investors (DIIs), on the other hand, bought shares totalling ₹1,366.82 crore during the same session.
On Tuesday, Indian stock markets closed on a positive note, with the Nifty 50 managing to surpass the 25,500 mark by the end of the session. The Sensex added 270.01 points, or 0.32%, to finish at 83,712.51, while the Nifty 50 advanced 61.20 points, or 0.24%, to close at 25,522.50.
Asian markets showed a mixed trend on Wednesday as investors reacted to U.S. President Donald Trump's decision not to postpone the tariff deadline scheduled for August 1.
U.S. stock markets ended on a mixed note as investors remained cautious, awaiting further direction on trade policy developments. The Dow Jones Industrial Average declined by 165.60 points, or 0.37%, settling at 44,240.76. The S&P 500 saw a slight dip of 4.46 points, or 0.07%, closing at 6,225.52. Meanwhile, the Nasdaq Composite edged up by 5.95 points, or 0.03%, finishing the session at 20,418.46.
U.S. President Donald Trump announced plans to introduce a 50% tariff on imported copper. He also hinted at significantly higher duties on pharmaceutical imports, suggesting rates could reach up to 200%. While no immediate action is expected on pharmaceuticals, Trump indicated that the announcement would come soon and the policy would likely take effect after a year.
Copper futures in New York experienced a sharp rally after former U.S. President Donald Trump announced plans to impose a 50% tariff on copper imports. Prices on the Comex jumped by up to 17% on Tuesday, marking the largest single-day gain on record. However, the rally cooled off, with prices sliding over 4% in early Wednesday trading. New York copper was trading at $5.5085 per pound, while prices on the London Metal Exchange dropped 1.7% to $9,627 per ton.
The dollar index, which compares the greenback to six major currencies, remained stable at 97.582 following two days of upward movement.
Gold prices remained subdued as market participants reacted to President Trump’s confirmation that the August start date for the “reciprocal” tariffs would proceed as planned. Spot gold was largely flat, trading around $3,300.23 per ounce.
Crude oil prices declined amid concerns about rising US inventory levels. Brent crude slipped by 0.20% to $70.01 per barrel, while WTI crude futures fell 0.25%, settling at $68.16.
Disclaimer: The article is for informational purposes only and not investment advice.
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