The Indian stock market is expected to open lower on Wednesday, March 6, as indicated by GIFT Nifty trends. Investors remain cautious after a volatile session on Monday, where markets swung between gains and losses before closing.
The Sensex closed in the red for the third straight session, while the Nifty 50 extended its losing streak to ten sessions – the longest since its inception nearly three decades ago. By the end of the day, the Sensex had dropped 96 points (0.1%) to 72,989, while the Nifty slipped 36 points (0.2%) to 22,082.
Key global and domestic cues to know on March 5, 2025
Asian Markets
Asian markets started mostly on a positive note on Wednesday, despite lingering concerns over US trade policies under President Donald Trump. Japan’s Nikkei 225 edged up 0.25%, while the Topix gained 0.28%. South Korea’s Kospi climbed 1.09%, with the smaller Kosdaq index rising 1.26%. However, Australia’s S&P/ASX 200 saw a decline of 0.73%
China economic report
China has outlined key economic targets for 2025. The government has set a GDP growth target of around 5% and plans to keep inflation in check with a consumer price index growth target of about 2%. To support economic activity, China intends to maintain its budget deficit at approximately 4% of GDP and introduce 500 billion yuan in special sovereign bonds for major banks. The country also aims to control urban unemployment at around 5.5% and create over 12 million new urban jobs.
US markets
Wall Street extended its losses for the second straight session as concerns over U.S. trade policies rattled investor sentiment. President Donald Trump’s 25% tariffs on Canada and Mexico took effect on Tuesday, with China also facing an additional 10% duty, prompting all three nations to prepare retaliatory measures. The impact was felt across major U.S. indices, with the Dow Jones dropping 670 points (1.55%) to 42,520.99, marking another sharp decline. The S&P 500 slipped 1.22% to 5,778.15, following its worst session of the year, while the Nasdaq Composite edged down 0.35% to close at 18,285.16.
Trump’s tariff
The trade war intensified as the US imposed 25% tariffs on imports from Mexico and Canada, along with higher duties on Chinese goods. In retaliation, Canada slapped similar tariffs on American products worth $20.7 billion, including everyday items like orange juice, peanut butter, and motorcycles. China also hit back, announcing additional tariffs of up to 15% on select US imports and tightening export controls. With tensions escalating, China has taken its grievances to the World Trade Organization, raising concerns about the impact on global trade and consumer prices.
US dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was down 0.12% at 105.61 on Wednesday 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 87.27 to the dollar on March 4.
Crude oil
Crude oil prices edged lower on Wednesday as cautious sentiment weighed on the market. West Texas Intermediate (WTI) crude slipped 0.61% to $67.84 per barrel, while Brent crude saw a slight decline of 0.19% to $70.91 per barrel.
FII, DII data
Foreign institutional investors (FIIs) continued their selling streak on March 4, offloading shares worth Rs 3,405 crore, according to provisional data. In contrast, domestic institutional investors (DIIs) remained net buyers, picking up shares worth Rs 4,851 crore.
Gold rate today
Gold prices in India remained stable on Wednesday. The 24 carat gold rate today is Rs 8,739 per gram, with 10 grams costing Rs 87,390. For 22 carat gold, the rate stands at Rs 8,011 per gram, while 10 grams are priced at Rs 80,110. Meanwhile, 18 carat gold is available at Rs 6,555 per gram, with 10 grams costing Rs 65,550.
Cryptos saw notable
Cryptos saw notable fluctuations with Bitcoin dropping by 9.48 per cent to $84,148.33 and Ethereum declining by 13.91 per cent to $2,103.06. Meme coins such as Dogecoin also dropped by 15.14 per cent, while XRP lost 16.55 per cent. Conversely, Cardano (ADA) jumped by nearly 60 per cent, emerging as the top gainer..