The GIFT Nifty indicates that the BSE Sensex and NSE Nifty 50 are likely to open higher on Wednesday, January 22.
Indian markets tumbled on Tuesday, January 21, as US President Donald Trump’s announcement of new trade tariffs and weak corporate earnings hit investor sentiment. The NSE Nifty 50 fell 291.70 points (1.25%) to 23,053.05, while the BSE Sensex dropped 1,071.98 points (1.39%) to 76,001.46.
Top cues to watch on January 22, 2025 Trump’s inauguration and tariff proposals
Donald Trump, inaugurated as the 47th president of the United States, and has proposed significant tariffs that could disrupt global trade. He announced a 10% tariff on Chinese imports, effective February 1, 2025, citing concerns over fentanyl trafficking, and hinted at a 25% tariff on goods from Mexico and Canada due to border control issues.
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US stocks ended the day on a positive note on Tuesday, following the first full day of Donald Trump’s second term. Investors reacted to a series of executive orders, which suggested a less aggressive approach to trade. All three major US indexes closed higher, with the Dow Jones up by 1.2%, the S&P 500 rising 0.8%, and the Nasdaq increasing by 0.6%.
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US Dollar on the rise
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was up 0.07% at 108.05 on Wednesday’s morning. The index measures the US dollar’s strength or weakness against major currencies. The basket contains currencies such as the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc. Also, the Indian rupee closed at 86.58 against the US Dollar on Tuesday.
Asian Markets mixed
Asia-Pacific markets were trading on a mixed note on Tuesday.
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