The GIFT Nifty implied a lower start after the US slapped 104% tariffs on China for not rolling back retaliatory tariffs on US goods. Following this, the Asian indices tumbled tracking the US stock market.
Previously, on Tuesday, the NSE Nifty 50 closed the session 374 points or 1.69% higher at 22,536, while the BSE Sensex rose 1,089 points or 1.49% to close at 74,227.
Key global and domestic cues to know on April 09, 2025
Asian Markets
Asian markets fell on Wednesday as market sentiments were again jolted by U.S. President Donald Trump’s 104% tariff on China in response to its retaliatory tariffs on US goods. Japan’s Nikkei 225 lost 2.82% to 32,089. South Korea’s Kospi edged 0.56% lower to 2,321. Hong Kong’s Hang Seng Index declined 2.94%. The Chinese index Shanghai Composite fell 1.71% to 3,091.
US markets
Wall Street tumbled after opening Tuesday on a higher note as US President Donald Trump imposed 104% tariffs on China. The Dow Jones Industrial Average fell 320 points, or 0.84%, to close at 37,645.59. The S&P 500 lost 1.57% to finish at 4,982.77. The Nasdaq Composite declined 2.15%, closing at 15,267.91.
US imposes 104% tariffs on China
The United States will levy a tariff rate of 104% on China from 12:01 AM ET (0401 GMT) on Wednesday. According to a White House official, China didn’t roll back its retaliatory tariffs on US goods by the deadline set by US President Donald Trump.
US dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was down 0.54% at 102.40 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 depreciated 0.48% to close at 86.26 to the dollar on April 08.
Crude oil
The crude oil prices rose on Wednesday. WTI crude prices were trading at $57.66 down by 3.23%, while Brent crude prices were trading at $61.09 up by 2.75%, on Wednesday morning.
FII, DII data
Foreign institutional investors (FII) were the net sellers of shares worth Rs 4,994.24 crore. Meanwhile, the Domestic institutional investors (DII) were the net buyers of shares worth Rs 3,097.24 crore on April 08, 2024, according to the provisional data available on the NSE.
Gold rate today
The gold rate loses shine. The rate for 24-carat gold today fell 1.7% from a week ago to Rs 87,850 per 10 grams. However, the rate of gold is still up by 2.4% from the last one month. The 22 kt gold rate today is Rs 80,529 per 10 grams. The 18-carat gold price today is Rs 65,888.
Crypto
Trump’s tariffs didn’t just jitter the equity, commodities, or bonds market but the cryptocurrency also got hit. The price of Bitcoin fell below $77,000. Also, the US Justice Department is disbanding its National Cryptocurrency Enforcement Team and ordering prosecutors to narrow crypto investigations to focus on drug cartels and terrorist groups, reported Reuters.