Indian stock market: 10 key things that changed for market overnight – Gift Nifty, new SEBI Chief to Nvidia share price

Indian stock market: The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Friday, following a sharp sell-off in global markets.

Asian markets traded lower, while the US stock market slumped, with the Nasdaq posting its deepest one-day percentage drop in a month.

On Thursday, the Indian stock market ended choppy session flat, with the broader markets, midcap and smallcap indices, underperforming the frontline indices.

The Sensex gained 10.31 points, or 0.01%, to close at 74,612.43, while the Nifty 50 settled 2.50 points, or 0.01%, higher at 22,545.05.

“Markets ended flat with a mixed bias as traders preferred to exercise caution on the expiry day after witnessing sell-offs over the past few weeks. While India’s expensive valuations have been driving foreign fund outflows over the past 3-5 months, the ongoing tariff-related concerns coupled with falling currency have made investors jittery,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded lower on Friday, following heavy selling on Wall Street overnight.

Japan’s Nikkei 225 declined 0.9%, and the Topix fell 0.68%. South Korea’s Kospi dropped 1.54%, while the Kosdaq plunged 1.69%. Hong Kong’s Hang Seng index futures indicated a slightly weaker opening.

Gift Nifty Today

Gift Nifty was trading around 22,537 level, a discount of nearly 146 points from the Nifty futures’ previous close, indicating a gap-down start for the Indian stock market indices.

Wall Street

US stock market ended lower on Thursday, weighed down by a slump in chipmaker Nvidia shares, while data showed a cooling US economy.

The Dow Jones Industrial Average fell 0.45% to 43,239.50, while the S&P 500 declined 1.59% to end at 5,861.57. The Nasdaq closed 2.78% lower at 18,544.42.

Nvidia share price plunged 8.5%, evaporating $274 billion in stock market value. Broadcom shares dropped more than 7% and Advanced Micro Devices stock price tumbled 5%. Salesforce stock declined 4%, while Viatris shares plummeted 15%. Snowflake share price surged 4.5% and Warner Bros Discovery shares jumped 4.8%.

US GDP Growth

The US economy grew at a solid 2.3% annual rate the last three months of 2024, the government said, leaving unchanged its initial estimate of fourth-quarter growth. US gross domestic product (GDP) growth decelerated from a 3.1% pace in July-September 2024. For all of last year, the economy grew 2.8%, compared with 2.9% in 2023.

Trump Tariffs

US President Donald Trump said that 25% tariffs on Canada and Mexico would take effect on March 4. The US president also said that he would impose an additional 10% tax on Chinese imports.

US Jobless Claims

The number of Americans filing new applications for unemployment benefits increased more than expected last week. Initial claims for state unemployment benefits jumped 22,000 to a seasonally adjusted 242,000 for the week ended February 22. Economists polled by Reuters had forecast 221,000 claims for the latest week.

US Capital Goods Orders

New orders for key US-manufactured capital goods surged in January. Non-defense capital goods orders excluding aircraft increased 0.8% after a downwardly revised 0.2% advance in December. Economists polled by Reuters had forecast these so-called core capital goods orders rising 0.3% after a previously reported 0.4% gain in December.

New SEBI Chairman

Tuhin Kanta Pandey, has been appointed the 11th chairperson of the capital market regulator, the Securities and Exchange Board of India (SEBI), for a term of three years. The current Finance Secretary will replace Madhabi Puri Buch as SEBI chief, who will complete her tenure as SEBI’s first woman chairperson on Friday, February 28, 2025.

Japan Economic Data

Japan’s factory output fell 1.1% in January from the previous month, roughly in line with a median market forecast for a 1.2% decline, government data showed. The country’s retail sales rose 3.9% in January from a year earlier, and against the median market forecast of a 4.0% rise.

Core consumer prices in Japan’s capital Tokyo rose 2.2% in February from a year earlier. The increase in the core consumer price index (CPI) was slower than a median market forecast of 2.3% and a 2.5% gain in January.

Gold Price Today

Gold prices traded higher but were set to snap an eight-week winning streak on a stronger dollar, Reuters reported. Spot gold rose 0.1% to $2,879.09 an ounce. Bullion is down nearly 2% for the week, its biggest weekly drop since November 25, 2024, and on track for its first weekly decline after eight consecutive gains. US gold futures eased 0.2% to $2,889.60.

(With inputs from Reuters)

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