Key Changes in Indian Stock Market Over the Weekend: Gift Nifty, Trump Tariffs, and Delhi Elections
February 10, 2025: The Indian stock market is poised for a cautious opening on Monday, February 10, with several global and domestic developments over the weekend influencing investor sentiment. From the Gift Nifty indicating a negative start to the Delhi Assembly Election results and President Donald Trump’s tariff announcements, here’s a roundup of key events.
Gift Nifty was trading at 23,569, a discount of 46 points compared to the previous close of Nifty futures, indicating a subdued start for Indian indices.
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Asian markets followed the lead of a weak U.S. market, with MSCI’s Asia-Pacific index outside Japan dipping 0.3%. Japan’s Nikkei and South Korea’s Kospi fell by 0.41% and 0.58%, respectively, amidst fears of additional tariffs and economic uncertainty.
The Dow Jones fell 0.99%, breaking a three-week winning streak, as Trump announced plans to introduce reciprocal tariffs and impose a 25% duty on steel and aluminum imports. The S&P 500 and Nasdaq Composite also recorded weekly declines.
The Bharatiya Janata Party (BJP) returned to power in Delhi after 27 years, securing 48 out of 70 seats, defeating the Aam Aadmi Party (AAP). This political development is expected to influence market dynamics as investors assess the broader economic impact.
Nonfarm payrolls grew by only 143,000 in January, well below the forecasted 170,000. Meanwhile, the U.S. Consumer Sentiment Index dropped to a seven-month low of 67.8, stoking fears of slowing economic growth.
Inflation estimates for the next year surged to 4.3%, the highest since November 2023, as households anticipated higher prices for goods and services.
The Reserve Bank of India’s 25 bps repo rate cut did little to bolster investor confidence, leading to profit booking in banking, FMCG, and power stocks on Friday. The Sensex dropped 197.97 points to 77,860.19, while the Nifty fell 43.40 points to 23,559.95.
The dollar index climbed to 108.26 amid tariff threats and global economic uncertainties, pressuring other currencies, including the euro and yen.
Spot gold prices firmed to $2,868.66 after touching an all-time high of $2,886.62 on Friday, reflecting investor demand for safe-haven assets.
The tariff announcements and inflation data may further impact metals, IT, and export-oriented sectors in the Indian markets. Investors will also monitor the Q3 earnings season and foreign fund flows.
Notable developments include Q3 earnings from companies like Nykaa, HAL, and Vodafone Idea, as well as IPO details for Ajax Engineering, all of which could sway market trends.
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