Global markets showed signs of optimism as concerns over US Federal Reserve policy shifts and the China–US trade deal began to ease. Asian indices rallied this morning, with US futures trading in the green, supported by upbeat quarterly results from Amazon and Apple. These developments are expected to bolster Indian markets today.
There are also indications that the long-awaited India–US trade agreement could be announced after the Bihar elections. The government is likely to unveil an Export Promotion Mission soon to support exporters. Additionally, China has agreed to supply rare earth magnets to four more Indian companies, adding further strength to the market sentiment.
US President Donald Trump and Chinese President Xi Jinping’s talks have been hailed as successful by both sides. China has cut import tariffs on US goods from 57% to 47% and deferred restrictions on rare earth exports for another year. Trump has also confirmed plans to visit China in April.
Gift Nifty closed Thursday night at 26,042.00, rising to 26,070 this morning — a sign that the Indian market could open with mild gains.
European stocks ended lower on Thursday, except the UK market, which closed marginally higher. The European Central Bank left interest rates unchanged for the third consecutive meeting. Preliminary data showed Eurozone GDP growth at 0.2% in the third quarter, higher than the 0.1% forecast. Shares of Standard Chartered, ING Bank, and Airbus rose after better-than-expected results.
US equities slipped as markets viewed Meta Platforms’ and Microsoft’s AI investments as excessive. Meta fell 11%, Microsoft dropped 3%, and Nvidia slid 2% due to profit-booking. However, Eli Lilly climbed 4% on strong earnings, while Chipotle plunged 19% on weak sales and a subdued outlook.
After an early rally, indices reversed course in the afternoon. The Dow Jones Industrial Average fell 109.88 points (0.23%) to close at 47,522.12. The S&P 500 lost 68.25 points (0.99%) to finish at 6,822.34, while the Nasdaq Composite dropped 377.33 points (1.58%) to 23,581.14.
US futures rebounded today — Dow up 0.00%, S&P 500 up 0.64%, and Nasdaq up 1.18% — buoyed by tech earnings released after trading hours.
Amazon’s cloud division reported a 20% revenue growth in the third quarter, with overall earnings per share rising to $1.95. The stock, which dipped during trading hours, jumped 13% post-market.
Apple benefitted from stronger iPhone sales and higher December-quarter guidance. The company reported per-share earnings above expectations, with iPhone revenue touching $49.03 billion.
Asian markets rallied after the Trump–Xi agreement. Japan’s Nikkei hit a record 52,391.45, while Australian and South Korean indices also gained. However, Chinese factory output fell to its lowest level in six months, dragging Hong Kong and Shanghai markets lower.
Indian equities fell on Thursday as fears of a hawkish US Fed dampened investor sentiment. The Nifty dropped below 25,900 after touching record highs. Except for realty, all sectors declined — pharma, private banks, healthcare, IT, FMCG, metals, and auto saw sharper losses.
The Nifty fell 176.05 points (0.68%) to close at 25,877.85, while the Sensex dropped 592.67 points (0.70%) to 84,404.46. Bank Nifty lost 354.15 points (0.61%) to 58,031.10. Midcap and smallcap indices also declined slightly.
Foreign investors remained net sellers, offloading shares worth ₹3,077.59 crore, while domestic institutions bought ₹2,469.34 crore worth of stocks. Technical analysts flagged a bearish signal on the Nifty, urging caution. Support levels are seen at 25,850 and 25,800, with resistance around 26,000–26,100.
ITC reported a 3.4% decline in revenue but a 2% rise in profit, beating expectations. Swiggy’s losses widened to ₹1,092 crore despite a 54% revenue increase. Dabur’s net profit rose 6.5%, below estimates.
Reliance announced that Jio users will get Google’s Gemini Pro premium plan — worth ₹35,100 — free for 18 months. Nippon Life India AMC saw revenue up 15.2% but net profit down 4.2%. Welspun Corporation recorded stellar growth — revenue up 32.5%, operating profit up 47.7%, and net profit up 53.2%.
Gillette India’s profit rose 11%, while Manappuram Finance’s net interest income dropped 18.5% and profit slumped 62%. NTPC posted muted growth, while Bharat Electronics bagged a ₹732 crore order from DRDO. Motilal Oswal’s revenue and profit declined 35% and 68%, respectively, though assets under management surged 46%.
Gold prices rebounded after an initial dip following the Fed’s stance. Spot gold touched $4,028 an ounce before closing at $4,025.60. It briefly rose to $4,040 this morning before slipping back to $4,020. Analysts expect continued volatility.
In Kerala, 22-carat gold prices dropped ₹1,400 per sovereign to ₹88,360 in the morning but recovered ₹720 later to close at ₹89,080.
The World Bank projects average gold prices at $3,575 an ounce in 2026 — about 5% higher than this year — before easing to $3,375 in 2027. Silver is expected to average $41 in 2026 and $37 in 2027.
Base metals slipped after two days of gains — copper fell 1.07% to $10,949 per tonne, aluminium dropped 0.79% to $2,866.09, and other metals followed suit. Rubber rose 1.32% to 176.30 cents/kg, cocoa gained 0.48%, coffee rose 0.36%, and tea prices jumped 2.4%.
The dollar strengthened on Fed support, with the dollar index closing 0.35% higher at 99.53 before softening to 99.46 this morning. The euro fell to $1.157, the pound to $1.316, and the yen to 153.77 per dollar.
US 10-year treasury yields climbed to 4.097%.
The Indian rupee weakened sharply, hitting 88.73 per dollar before settling at 88.70. The Chinese yuan slid to 7.11 per dollar.
Crude oil prices steadied — Brent closed at $65 a barrel, dipping to $64.76 in early trade. WTI stood at $60.32 and Murban crude at $66.51. Natural gas prices jumped 2.7%.
Cryptocurrencies extended losses after the Fed decision. Bitcoin fell below $107,600 before rebounding to $109,600, while Ethereum recovered from $3,770 to $3,845. Solana edged up past $186.
