Global markets are once again under pressure due to fresh uncertainty created by Donald Trump. His aggressive move to take control of Greenland has pushed the US and Europe into a serious political and economic confrontation.
As a result, Asian markets fell sharply on Monday morning. India’s Gift Nifty dropped steeply, signalling a weak start for domestic equities. US futures are also trading lower. At the same time, gold and silver prices jumped, while cryptocurrencies came under heavy selling pressure.
Trump has imposed an additional 10 percent import tariff on eight European countries that opposed handing over Greenland to the US. The new tariff will come into force on February 1 and will also apply to the UK.
Earlier, the UK was facing a lower tariff rate of 10 percent, while other countries were hit with tariffs of 15 percent or more. Trump has now raised the UK tariff to 20 percent, while European nations will face a 25 percent levy.
Trump has also warned that if Greenland is not handed over by June 1, tariffs could be raised further. In response, NATO countries including Germany and the UK have announced that they are ready to send troops to protect Greenland, raising fears of a deeper geopolitical crisis.
Gift Nifty fell to 25,567 in early trade at Gift City, clearly indicating a weak opening for the Nifty later today.
European markets closed lower on Friday as concerns around the Greenland issue intensified. The situation worsened further over the weekend, adding to investor nervousness.
US markets ended last week in the red due to Trump’s actions, his attacks on the Federal Reserve, and rising global tensions.
Trump said on Friday that former Fed governor Kevin Warsh could be appointed as Fed chair when Jerome Powell retires in May. Until recently, markets expected National Economic Council director Kevin Hassett to take the role. Trump, however, said he prefers Hassett to continue in his current position.
Trump has also continued legal action against Powell, ignoring criticism. Markets fear that Warsh could be overly loyal to Trump, raising concerns about the independence of the Federal Reserve.
Although the risk of US intervention in Iran has reduced, it has not disappeared. Trump’s proposal for Gaza’s future administration has not been well received by Israel. There are also doubts over whether Trump will continue supporting Europe on Ukraine. His Greenland move could weaken NATO unity. All these factors are negative for market sentiment.
On Friday, the Dow Jones fell 83.11 points (0.17 percent) to 49,359.33. The S&P 500 slipped 4.46 points (0.06 percent) to 6,940.01, while the Nasdaq Composite declined 14.63 points (0.06 percent) to 23,515.39.
For the week, the Dow lost 0.3 percent, the S&P 500 fell 0.4 percent, and the Nasdaq dropped 0.7 percent.
US futures are lower this morning, with the Dow down 0.67 percent, the S&P 500 down 0.80 percent, and the Nasdaq lower by 1.10 percent.
Brokerage Jefferies said Nvidia shares could still rise another 47 percent. The stock closed at $186 on Friday, and Jefferies expects it to reach $250. Nvidia shares have already risen 40 percent in 2025. Strong demand for Blackwell chips and the Rubin platform, driven by AI data centre expansion, is expected to support growth.
Asian markets opened weak. Japan’s Nikkei fell 1.42 percent. South Korea’s Kospi gained about half a percent. Australia’s ASX slipped 0.40 percent. Chinese markets edged higher, while Hong Kong opened lower. China is expected to release its fourth-quarter GDP and retail sales data later today.
Indian markets ended Friday slightly higher but gave up most early gains. Strong results from Infosys lifted the IT sector and helped keep indices in positive territory.
Infosys jumped 5.58 percent, pushing the IT index up 3.34 percent. Tech Mahindra rose 5.26 percent, Wipro 2.54 percent, HCL Tech 2.41 percent, and TCS 2.34 percent.
Banking stocks, including PSU banks, also gained. Federal Bank surged 9.68 percent after reporting over 9 percent growth in both net profit and net interest income. The stock touched a record high of ₹278.40.
Foreign investors continued selling. On Friday, foreign institutional investors sold shares worth ₹4,346.13 crore in the cash market. Domestic funds bought shares worth ₹3,935.31 crore.
Last week, foreign investors sold $1.19 billion worth of Indian equities. So far in 2026, net outflows stand at $2.5 billion. There are no signs of a change in sentiment. Foreign selling is expected to continue until India–US relations stabilise.
The Sensex rose 187.64 points (0.23 percent) to close at 83,570.35. The Nifty gained 28.75 points (0.11 percent) to 25,694.35. Bank Nifty jumped 515 points (0.86 percent) to 60,095.15.
The Mid Cap 100 index rose 0.16 percent, while the Small Cap 100 index fell 0.28 percent.
Market breadth remained negative. On the BSE, 1,849 stocks rose while 2,395 declined. On the NSE, 1,338 stocks advanced and 1,828 fell.
Nifty staying below 25,700 indicates weak momentum. A strong recovery is possible only above 25,900. Support remains at 25,600, and if that breaks, the next support is seen at 25,450. For today, support is expected near 25,660 and 25,610, while resistance may be seen at 25,825 and 25,875.
Reliance Industries reported weaker-than-expected third-quarter results. Revenue rose 10.5 percent to ₹2.69 lakh crore, while operating profit stood at ₹46,018 crore. Profit margin fell to 17.08 percent. Net profit rose marginally to ₹18,645 crore. Net debt declined to ₹1,17,102 crore. Oil and gas revenue fell 8.4 percent, while telecom, oil-to-chemicals and retail performed well. Jio’s listing and retail growth are key triggers ahead.
ICICI Bank’s net profit fell 4 percent to ₹11,318 crore due to higher provisions for agricultural loans. Net interest income rose 7.7 percent. Net NPA declined to 0.37 percent. CEO Sandeep Bakhshi’s term has been extended by two years.
HDFC Bank’s December-quarter net profit rose 12 percent to ₹18,654 crore. Net interest income grew 6 percent. Loans rose 10 percent and deposits grew 12 percent. Net NPA fell to 0.42 percent.
Yes Bank’s net profit surged 55 percent to ₹952 crore due to a sharp fall in provisions.
UCO Bank reported a 15.76 percent rise in net profit to ₹739.51 crore.
Trump’s Greenland move pushed gold and silver to fresh highs. Gold jumped 1.83 percent to $4,683 per ounce before easing slightly. Silver surged 3.9 percent to $93.91.
In Kerala, 22-carat gold rose to ₹1,05,440 per sovereign on Saturday. Prices are expected to rise further today due to strong global cues. Silver prices are also rising.
Platinum rose to $2,366, palladium to $1,798, and rhodium to $9,850.
Lower Iran-related tensions pushed industrial metals lower. Aluminium fell 0.73 percent to $3,133.96 per tonne. Copper slipped 1.54 percent to $12,999.65. Zinc, nickel, lead and tin also declined, with tin falling sharply by 8.79 percent.
Mining giants Rio Tinto and Glencore have started early talks on a merger, excluding Glencore’s coal business. The merged entity would be valued at around $2.6 trillion.
The dollar index closed at 99.39 on Friday and slipped to 99.09 this morning. The euro rose to $1.1632 and the pound to $1.3396. The yen weakened to 157.60 per dollar.
The rupee weakened again, closing at ₹90.86 per dollar on Friday, down 70 paise. Trade deficit pressures, lack of a US trade deal, and foreign fund outflows continue to weigh on the currency.
Brent crude closed at $64.13 per barrel and slipped further today. WTI is at $59.16, while Murban crude is at $65.10. Natural gas prices jumped 12 percent.
Fresh global tensions hit crypto markets. Bitcoin fell about 3 percent to below $92,500. Smaller cryptocurrencies dropped 8 to 10 percent. Ether slipped below $3,200, while Solana fell below $134.
