Indian markets are set for a steady start on Thursday, buoyed by gains in most Asian markets. The GIFT Nifty opened higher by 90 points, signaling a positive tone for the domestic indices. Investors remain focused on crude oil prices, foreign and domestic institutional investor (FII/DII) flows, sector-specific developments, and key global economic events that could influence market sentiment throughout the day.
Markets continued their downward trend on Wednesday, with the Sensex dropping 239 points to close at 81,312.32 after slipping as much as 308 points during the day. The Nifty followed suit, falling nearly 74 points to finish at 24,752.45, marking the second consecutive session of losses.
Key global and domestic cues to know on May 29, 2025
Asian Markets
Thursday brought a wave of optimism to Asia-Pacific markets, sparked by a US federal court ruling that struck down President Trump’s broad “reciprocal” tariffs affecting over 180 countries. Japan’s Nikkei 225 surged by 1.18%, with the Topix following closely at a 0.79% gain. South Korea’s Kospi climbed 0.78%, while its tech-heavy Kosdaq added 0.44%. Australia’s S&P/ASX 200 also saw a modest rise of 0.12%.
US Futures strong
US stock futures are trading strong, over 1% higher.. However, the US markets ended Wednesday’s trade in the red as caution crept into markets ahead of chip giant Nvidia’s earnings. Investors also sifted through a flurry of corporate results and the latest Federal Reserve meeting minutes, which indicated that policymakers remain concerned about inflation’s sticky nature. The S&P 500 fell 0.56% to 5,888.55, while the tech-heavy Nasdaq Composite dipped 0.51% to finish at 19,100.94. The Dow Jones Industrial Average dropped 244.95 points, or 0.58%, ending the day at 42,098.70.
US market
US stocks ended in the red on Wednesday, as caution crept into markets ahead of chip giant Nvidia’s much-anticipated earnings. Investors also sifted through a flurry of corporate results and the latest Federal Reserve meeting minutes, which indicated that policymakers remain concerned about inflation’s sticky nature. The S&P 500 fell 0.56% to 5,888.55, while the tech-heavy Nasdaq Composite dipped 0.51% to finish at 19,100.94. The Dow Jones Industrial Average dropped 244.95 points, or 0.58%, ending the day at 42,098.70.
US court blocks Trump’s broad import tariffs
A US trade court has ruled that President Trump went too far by imposing broad tariffs on goods from countries that export more to the US than they import. The court said that under the Constitution, only Congress has the power to regulate trade with other nations, and the president can’t override this using emergency powers. This decision blocks the so-called “Liberation Day” tariffs and limits the president’s authority to impose such wide tariffs on imports.
US dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was up 0.51% at 100.39 on Thursday 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 appreciated 0.02% to close at 85.36 to the dollar on May 28.
Crude oil
Crude oil prices edged higher in early trade on Wednesday, with West Texas Intermediate (WTI) crude rising 1.18% to $62.60 per barrel and Brent crude gaining 1.07% to hover around $65.61.
FII, DII data
Foreign Institutional Investors (FIIs) turned net buyers with equity purchases worth Rs 4,662 crore on May 28, while Domestic Institutional Investors (DIIs) continued to lend strong support to the markets, picking up shares worth Rs 7,911 crore, according to provisional data from the NSE.
Gold rate today
Gold prices dropped by nearly 1% on Thursday to about $3,260 per ounce, falling for the third day in a row. The decline came after a US court ruled that former President Trump went beyond his powers in placing reciprocal tariffs, reducing fears around trade tensions and lowering demand for safe-haven assets like gold.
As per Goodreturns, today, 10 grams of 24-carat gold rate today is Rs 97,470, while 22-carat gold costs Rs 89,340. For those preferring 18-carat gold, the price is Rs 73,100 for the same weight.
Best and worst performing business groups
The Adventz Group made a strong mark on Wednesday, recording the sharpest rise in market capitalisation among corporate groups. Its overall market value jumped over 2.7%, with Paradeep Phosphates leading the charge by rallying more than 5% during the session. Other group stocks, including Texmaco Rail & Engineering, also saw positive momentum, reflecting investor confidence across the board.
Following closely was the Nagarjuna Group, which saw its market cap grow by 2.18%, while the Essel Group also recorded a healthy uptick of 1.82%. However, not all groups shared the cheer. The Patodia Group stood out on the losing side, with its market capitalisation falling by 2.81%, making it the worst performer of the day in terms of value erosion.
Sectors that surged most in Wednesday’s trade
The sugar sector led the pack in Wednesday’s market rally, emerging as the top-performing space of the day. Out of 11 tracked sugar stocks, most ended in the green,
Following sugar stocks, the electric equipment sector also saw an uptick, with its collective market capitalisation rising by 1.52%. The finance sector was not far behind, as a majority of its constituents registered gains, pushing the group’s market value up by 1.2%.