The GIFT Nifty implied a lower start after the US hauled the reciprocal tariffs for 90 days on most countries, including India and excluding China. The US President Donald Trump’s administration has slapped new tariff rates of 125% on China in addition to 20% base. This prompted Beijing to retaliate with a reciprocal tariff of 84%. Following this, the Asian indices tumbled tracking the US stock market.
Previously, on Wednesday, the NSE Nifty 50 closed the session 137 points or 0.61% lower at 22,399, while the BSE Sensex declined 380 points or 0.51% to close at 73,847.
Key global and domestic cues to know on April 11, 2025
Asian Markets
Asian markets fell on Friday as market sentiments were again jolted by US President Donald Trump slapping 145% tariffs on China. Japan’s Nikkei 225 was trading 4.5% lower at 33,056. South Korea’s Kospi edged 1.47% lower to 2,408. Hong Kong’s Hang Seng Index lost more than 1%. The Chinese index Shanghai Composite was trading 0.10% lower at 3,221.
US markets
Wall Street tumbled on Thursday once again after soaring during the trade as US President Donald Trump imposed 145% tariffs on China and escalated the trade war. The Dow Jones Industrial Average lost 1,014.79 points, or 2.5%, to close at 39,593.66. The S&P 500 declined 3.46% to finish at 5,268.05. The Nasdaq Composite slid 4.31%, closing at 16,387.31.
US, China in trade war
Trump administration has sharply raised tariffs on Chinese products, bringing Washington’s extra rate on most products to 145%. Trump announced the 125% tariff rate on Chinese goods in addition to the earlier duty of 20%. However, Trump paused reciprocal tariffs on dozens of countries for 90 days on Wednesday.
IT service companies in focus
US Defense Secretary Pete Hegseth ordered the cancel IT service contracts, which were valued at $5.1 billion. The contracts are with companies such as Accenture and Deloitte. The pacts “represent non-essential spending on third party consultants” for services Pentagon employees can perform, Hegseth said in the April 10 memo released by the Pentagon. “These terminations represent $5.1 billion in wasteful spending … and nearly $4 billion in estimated savings,” Hegseth added.
US dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was down 0.76% at 100.10 on Friday 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 0.49% to close at 86.69 to the dollar on April 10.
Crude oil
The crude oil prices fell on Friday. WTI crude prices were trading at $59.59 down by 0.80%, while Brent crude prices were trading at $62.89 down by 0.69%, on Friday morning.
FII, DII data
Foreign institutional investors (FII) were the net sellers of shares worth Rs 4,358.02 crore. Meanwhile, the Domestic institutional investors (DII) were the net buyers of shares worth Rs 2,976.66 crore on April 09, 2024, according to the provisional data available on the NSE.
Gold rate today
In the international market, the gold rate has risen 3.2% to $3,177.50, marking its best day since April 2020. The gold shines bright in domestic markets as well, inching towards the mark of Rs 1 lakh per 10 grams. The rate for 24-carat gold today jumped 3.14% from a week ago to Rs 92,170 per 10 grams. The rate of gold is up by 6% from the last one month. The 22 kt gold rate today is Rs 84,489 per 10 grams. The 18-carat gold price today is Rs 69,128.