Indian equity indices are expected to open on a lower note following mixed global cues and the US imposing a 25% tariff on Indian imports. The GIFT Nifty was trading 0.74% lower at 24,669. Here are key global cues to watch before the market opens that include new crude oil prices, FII and DII data, business groups that most affect, sectoral performance, etc.
Earlier on Wednesday, the NSE Nifty 50 closed the session 34 points or 0.14% higher at 24,855, while the BSE Sensex rose 144 points or 0.18% to close at 81,482.
Key global and domestic cues to know on July 31, 2025
US imposes 25% tariff on India
The US President Donald Trump on Wednesday announced that Indian imports will see a 25% tariff from August 1, “plus a penalty”, citing India’s purchases of energy and military equipment from Russia, its high tariffs, and its “strenuous and obnoxious” non-monetary barriers to trade.
“When the US had initially imposed tariffs, we had lowered our forecast of India’s GDP expansion to 6.2% for FY2026, presuming a tepid rise in exports and a delay in private capex. The tariff (and penalty) now proposed by the US is higher than what we had anticipated, and is therefore likely to pose a headwind to India’s GDP growth. The extent of the downside will depend on the size of the penalties imposed,” said Aditi Nayar, Chief Economist at ICRA.
Asian Markets
Asia-Pacific markets were trading on a mixed note on Thursday as investors assessed the US′ blanket 15% tariffs on imports from South Korea and awaited details on the Bank of Japan’s policy decision. Japan’s Nikkei 225 benchmark moved up 0.21% while the broader Topix index ticked up 0.28%. In South Korea, the Kospi index fell 0.14% while the small-cap Kosdaq was flat.
US markets
The US benchmarks closed Wednesday trade overnight on a mixed note after Federal Reserve Chair Jerome Powell signalled the central bank isn’t ready to cut rates, as it assesses the impact of President Donald Trump’s higher tariffs on the inflation picture. The S&P 500 slipped 0.12% and closed at 6,362.90. The Dow Jones Industrial Average fell 171.71 points, or 0.38%, closing at 44,461.28. The Nasdaq Composite gained 0.15% and ended at 21,129.67.
US dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading 0.17% lower at 99.78 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 depreciated 0.70% to close at 87.43 to the dollar on July 30.
Crude oil
The crude oil prices traded on a higher note on Thursday morning. WTI crude prices were trading at $70.10, up by 0.13%, while Brent crude prices were trading at $72.51, up by 0.06%.
FII, DII data
Foreign institutional investors (FII) were the net sellers of shares worth Rs 942.43 crore. On the other hand, the Domestic institutional investors (DII) were the net buyers of shares worth Rs 1,805.10 crore on July 30, 2024, according to the provisional data available on the NSE.
Gold rate today
The rate for 24-carat gold today is Rs 99,060 per 10 grams, consolidating near its all-time high. The safe haven’s price is near the Rs 1 lakh mark. The rate of gold has risen by 1.52% in the past one month. The 22 kt gold rate today is Rs 90,805 per 10 grams. The 18-carat gold price today is Rs 74,295.
Top sectors in Wednesday’s trade
The Retail sector led the way with a sharp 3.6% increase in market capitalisation. Rubber stocks also gained 2.52%, followed by Fertilisers at 2.19% and Electric Equipment with a 2.04% rise.
Best and worst performing business groups
Among corporate groups, Nagarjuna Group saw the biggest jump, with its market cap rising 4.66%. L&T Group also drew strong buying interest, gaining 3.38%, followed by CK Birla Group and Jaipuria Group, which posted gains of 2.57% and 2.49% respectively.