Indian stock markets are likely to open on a weak note on March 7, with GIFT Nifty indicating a negative start.
On March 6, the benchmark indices ended on a high note, extending their winning streak. The Sensex soared 610 points or 0.83% to close at 74,340, while the Nifty climbed 207 points or 0.93% to settle above 22,500.
Key global and domestic cues to know on March 7, 2025 Asian Markets
Asian markets opened lower on Friday, tracking Wall Street losses. Investor sentiment remained weak despite U.S. President Donald Trump’s tariff concessions. Japan’s Nikkei 225 fell 2.01%, while the Topix dropped 1.8%. South Korea’s Kospi lost 1.15%, and the Kosdaq slipped 0.57%. Australia’s S&P/ASX 200 declined 1.28%. Trade worries and economic uncertainties kept investors cautious.
Trump halts tariffs on Canada and Mexico
US President Donald Trump has temporarily paused tariffs on Canadian and Mexican imports. The decision comes after market concerns and growing trade tensions. The tariffs, which could go up to 25%, were imposed earlier in the week under the North American trade agreement.
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Wall Street extended its losses on Thursday as investor concerns overshadowed the White House’s latest tariff concessions. The Dow Jones fell 0.99% to 42,579 after briefly plunging over 600 points. The S&P 500 slipped 1.78% to 5,738, while the Nasdaq Composite tumbled 2.61% to 18,069.
US tariff row – US Commerce Secretary Lutnick on Tariffs
US Commerce Secretary Lutnick expects reciprocal tariff rates to start high on April 2 before gradually decreasing. He emphasised that new US manufacturing jobs would be high-paying. Lutnick also estimated off the cuff that over 50% of products from Canada and Mexico comply with USMCA regulations.
US dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was up 0.12% at 104.19 on Friday morning. The index evaluates the strength or weakness of the US dollar in comparison to major currencies. The basket contains currencies such as the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc. The rupee closed at 87.11 to the dollar on March 6.
Crude oil
Oil prices fluctuated on Thursday but ended little changed.
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