Indian Stock Market Today: 8 Key Factors Driving Sensex, Nifty Amid Mixed Global Cues

Flat Gift Nifty indications, easing Trump-era tariffs, stable oil and gold prices, and muted IIP data set the tone for a cautious but optimistic market start on April 29.

Mumbai, April 29, 2025 —
The Indian stock market is poised for a cautious opening on Tuesday, with benchmark indices Sensex and Nifty 50 expected to react to mixed global signals.

Asian markets traded mostly higher, although Japanese bourses remained closed for a public holiday. South Korea’s Kospi was flat, while Hong Kong’s Hang Seng futures hinted at a slightly positive start.

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Gift Nifty, an early indicator of the NSE Nifty 50 index, was trading around the 24,469 mark — a marginal premium of nearly 16 points to Monday’s close — suggesting a flat opening.

Wall Street had a mixed overnight session. The Dow Jones rose 0.28%, and the S&P 500 posted a minor 0.06% gain to notch its fifth straight advance. However, the Nasdaq Composite slipped 0.10%, weighed down by declines in tech giants like Nvidia and Amazon.

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Meanwhile, US Treasury Secretary Scott Bessent indicated that India is among the nations close to finalizing a deal to avoid new US tariffs. China’s move to exempt some US goods also signals potential easing of trade war tensions, lifting market sentiment slightly.

Domestically, India’s Index of Industrial Production (IIP) grew just 3% sequentially in March, slowing sharply from 5.5% year-on-year, driven by weakness in manufacturing, mining, and power sectors. Fiscal 2024-25 saw factory output growth decelerate to a four-year low of 4%.

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On the commodities front, gold prices dropped 0.3% to $3,332.99 an ounce as easing trade fears reduced safe-haven demand. Similarly, crude oil prices fell slightly, with Brent crude futures down 0.4% to $65.61 per barrel.

The US dollar stabilized after a sharp decline, with the dollar index at 99.079. Modest gains were seen against the yen and the Swiss franc, while the euro and pound traded flat to weak.

Market Outlook:
Analysts advise maintaining a cautiously optimistic approach. Ajit Mishra of Religare Broking suggests that a breakout above 24,400 could drive the Nifty 50 towards 24,800, but participants should continue focusing on sectors showing relative strength amid lingering geopolitical tensions.

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