Stock market today: All you need to know before the opening bell on March 7

The GIFT NIFTY futures traded 31 points lower on Friday morning amid weak global market cues. The US markets closed in deep red to four-month low levels, and the Asian markets followed suit and opened lower on Friday morning. Trump announced a delay in major tariffs on Canada and Mexico until April 2, giving some relief to neighbouring countries. Gold prices gave up some early gains and hovered around $2,900 per ounce. Similarly, the Dollar index shrugged off some early losses and traded near 104.5 levels.

US markets

The major benchmark indices in the US closed with deep cuts on Thursday as concerns grew over the impact of Trump’s trade tariffs could impact negatively on the already ailing US economy. The tech stocks witnessed severe selling pressure as the tech-heavy NASDAQ index fell more than 2.5%, followed by the S&P500 at -1.7% and Dow Jones at -1%. Late in the evening, the US president paused the steep tariffs on Canada and Mexico until April 2, giving some relief to neighbours and global market investors.

In addition to relaxing the tariff, the president also signed executive orders to make strategic Bitcoin reserves.

Asian markets

The Asian markets traded in deep red on Friday morning, taking cues from selling in the US tech stocks. The Japanese Nikkei index fell the most by 600 points, followed by Hong Kong’s Hang Seng, which fell 114 points. The Chinese government announced a host of measures to support businesses that are expected to face the heat of the trade war. Chinese Finance Minister said, “China has ample policy tools and flexibility to address both internal and external uncertainties amid escalating trade tensions with the U.S.”

Crude oil

Crude oil prices continued to hover around six-month lows as concerns about the trade war weighed on them. WTI crude oil prices hovered around $66.4 per barrel, and Brent crude oil prices traded below $70 per barrel.

FII and DII data

The FII sold Indian equities worth ₹2,300 crore and reduced their short positions in the derivatives market to 1.74 lakh contracts from 1.84 lakh contracts on Thursday. The DIIs continued to add Indian equities worth ₹1,600 crore on Thursday.