Indian Stock Market Update: Key Overnight Changes Impacting Sensex & Nifty Today

Gift Nifty Signals Weak Opening Amid Global Sell-Off, New SEBI Chief Appointed, Nvidia Shares Plunge

February 28, 2025: The Indian stock market is set for a lower opening on Friday, February 28, 2025, following a sharp sell-off in global markets. The Gift Nifty was trading at 22,537, nearly 146 points below the previous close of Nifty futures, indicating a gap-down start for Sensex and Nifty 50.

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Asian markets followed Wall Street’s deep decline, with the Nasdaq posting its worst one-day drop in a month amid fears of slowing US growth and a plunge in Nvidia shares. Meanwhile, India saw a key regulatory shift as Tuhin Kanta Pandey was appointed as the new SEBI Chairman, replacing Madhabi Puri Buch.

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Key Market Factors to Watch Today

1. Asian Markets React to Global Sell-Off

Asian markets opened lower on Friday, reflecting Wall Street’s negative momentum:

• Japan’s Nikkei 225 fell 0.9%, while Topix declined 0.68%
• South Korea’s Kospi dropped 1.54%, with the Kosdaq falling 1.69%
• Hong Kong’s Hang Seng futures signaled a weaker opening

2. Gift Nifty Indicates Gap-Down Opening

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The Gift Nifty traded at 22,537, a 146-point discount, suggesting a weak start for Indian equities.

3. US Stock Market Plummets

US markets suffered heavy losses, driven by a steep decline in chip stocks and economic concerns:

• Dow Jones fell 0.45% to 43,239.50
• S&P 500 lost 1.59% to 5,861.57
• Nasdaq dropped 2.78%, recording its worst one-day percentage drop in a month

4. Nvidia Share Price Crashes, Dragging Tech Stocks

• Nvidia plunged 8.5%, erasing $274 billion in market value
• Broadcom dropped 7%, AMD fell 5%, and Salesforce slid 4%
• Snowflake bucked the trend, rising 4.5%

5. US GDP Growth Slows

The US economy expanded at 2.3% in Q4 2024, slowing from 3.1% in Q3, raising concerns about a weaker growth trajectory in 2025.

6. Trump Tariffs: New Trade War Fears

President Donald Trump announced that:

• 25% tariffs on Canada and Mexico will take effect on March 4
• An additional 10% tax will be imposed on Chinese imports

7. US Unemployment Claims Rise

New jobless claims rose to 242,000, exceeding economists’ estimates of 221,000, signaling potential labor market weakness.

8. New SEBI Chief Appointed

Tuhin Kanta Pandey has been named as SEBI’s new Chairperson for a three-year term, succeeding Madhabi Puri Buch, whose tenure ends today.

9. Japan Economic Data Signals Sluggish Growth

• Factory output fell 1.1% in January
• Retail sales rose 3.9%, below market expectations of 4% growth
• Tokyo’s core CPI rose 2.2%, missing estimates of 2.3%

10. Gold Prices Edge Higher Amid Dollar Strength

• Spot gold rose 0.1% to $2,879.09 per ounce
• However, gold is set for its first weekly decline in nine weeks, down nearly 2%

Market Outlook

With Gift Nifty pointing to a weak start, investors should watch for volatility amid global sell-offs, tariff risks, and SEBI’s leadership transition. Tech stocks and commodity prices will remain in focus as markets react to the latest economic data.

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