Indian markets are expected to open on a positive note following reports of a breakthrough in trade negotiations between India and the United States. The deal is said to involve India reducing its imports of Russian crude oil while increasing purchases of American natural gas, soybean, soymeal, vegetable oil, and ethanol. In return, the US is likely to slash import tariffs on Indian goods from 50% to around 15–16%.
However, global sentiment remains cautious as the US–China trade war intensifies. Washington has imposed restrictions on the export of high-tech products to China, casting uncertainty over the proposed Trump–Xi summit. Tensions escalated further after US President Donald Trump reportedly cancelled a meeting with Russian President Vladimir Putin and expanded sanctions against key Russian oil firms. These developments dragged down Asian indices.
In early trade on Wednesday, Gift Nifty hovered around 26,233.00 after closing at 26,295.50 the previous day, signalling a strong start for Indian equities.
European shares slipped midweek, with most indices closing in the red except the FTSE. Weak corporate results and subdued earnings outlooks weighed on sentiment. L’Oréal’s acquisition of Gucci’s beauty division from Kering failed to excite investors, with its shares plunging 6% despite strong quarterly numbers.
US markets, which had rallied earlier in the week, ended Wednesday lower amid fresh geopolitical jitters. Washington’s sanctions on major Russian energy companies sent crude oil prices surging by over 5%, unsettling investors.
The Dow Jones Industrial Average dropped 334.33 points (0.71%) to close at 46,590.41. The S&P 500 lost 35.95 points (0.53%) to finish at 6,699.40, while the Nasdaq Composite fell 213.27 points (0.93%) to 22,740.40.
Tech stocks bore the brunt of the sell-off after Trump’s move to block China’s access to advanced IT components. Nvidia and Apple declined sharply, while IBM slipped 6% following disappointing results. Semiconductor counters slumped after weak numbers from Texas Instruments, and Netflix plunged 10% on lower streaming revenue. Tesla’s third-quarter revenue rose, but profits fell, pushing its shares down 3.6%.
Futures trading indicated mixed trends, with the Dow down 0.10%, S&P up 0.14%, and Nasdaq up 0.22%.
Asian indices opened weaker on Thursday as the US–China trade conflict weighed on investor confidence. Japan’s Nikkei fell 1.2%, South Korea’s KOSPI slipped 1.5%, and Australian markets edged lower. Chinese and Hong Kong benchmarks also remained under pressure.
After an exuberant start to the week, Indian equities gave up part of their gains by Tuesday’s close. The absence of a clear statement from the Indian delegation following talks in Washington raised doubts about the trade deal’s timeline. Trump’s threat to retain higher tariffs unless India halts Russian oil imports added to the caution.
During Tuesday’s Muhurat trading session, indices opened higher but lost momentum towards the close. The Nifty rose 25.45 points (0.10%) to 25,868.60, while the Sensex climbed 62.97 points (0.07%) to 84,426.34. Bank Nifty edged down by 26.00 points (0.04%) to 58,007.20. Broader market indices such as the Nifty Midcap 100 and Smallcap 100 outperformed, gaining 0.11% and 0.52%, respectively.
Foreign investors were net buyers, purchasing equities worth ₹790.45 crore on Monday and ₹96.72 crore on Tuesday. Domestic funds sold shares worth ₹607.01 crore after buying heavily a day earlier.
The Nifty faces immediate support around 25,830–25,800 and resistance near 25,940–26,010. Market analysts expect a strong attempt to surpass the previous record of 26,277 set in September last year.
Gold prices saw a steep correction after an exceptional 10-week rally. Having touched nearly $4,400 per ounce earlier, the metal slumped sharply. Spot gold fell 1.72% to close at $4,357.10 per ounce on Monday, and further to $4,128.90 on Tuesday—a loss of $222.
In early Asian trade, gold dropped as low as $4,003 before stabilising near $4,099.50. Analysts attribute the fall to profit-booking after an unprecedented streak of weekly gains. Historically, after seven straight weeks of rise, gold prices have seen notable corrections within a month—a pattern last observed in 1983.
In Kerala, 22-carat gold slipped from a record ₹97,360 per sovereign on Friday to ₹92,320 by Wednesday.
The recent surge in silver prices was driven by supply shortages, but fresh shipments from the US and China to London have eased pressure. Spot silver traded around $48.37 per ounce after retreating from $54.50. Other precious metals—platinum, palladium, and rhodium—also moved lower in tandem with gold.
Industrial metals showed mixed trends: copper fell 0.12% to $10,599.35 per tonne, aluminium rose 0.82% to $2,809.25, while nickel and zinc weakened. Rubber prices gained 1.29% to 172.30 cents per kg. Cocoa soared 6.46% to $6,298 per tonne, coffee rose 2.51%, while palm oil slipped 0.70%.
The US Dollar Index eased to 98.90 after breaching 99 earlier this week. The euro strengthened to $1.601, while the pound slipped to $1.334. The Japanese yen weakened to 152.37 per dollar. US 10-year bond yields eased to 3.955%.
In India, the rupee appreciated slightly to close at ₹87.93 per dollar, supported by Reserve Bank intervention.
Crude oil prices jumped over 5% as Washington added two major Russian oil companies to its sanctions list. Brent crude rose from $61 to $64.44 per barrel before settling near $64, while WTI hovered around $59.78. Murban crude touched $66.34.
Cryptocurrencies continued their downward slide. Bitcoin traded below $108,200, Ethereum fell to $3,820, and Solana dropped under $182, reflecting risk aversion across digital assets.
