Indian stock market: 9 key things that changed for market overnight- Gift Nifty, Asian Markets, rise in dollar and more

Before Market Opens: Indian markets are set to open on a negative note on Tuesday following a rise in US dollar after U.S. President-elect Donald Trump pledged tariffs on all imports from Canada and Mexico, and additional tariffs on China. At 7:50 AM, GIFT Nifty futures were down 78 points, trading at 24,275, indicating a negative start for the markets.

In the previous session on November 25, benchmark indices closed the first trading day of the week on a strong note, gaining over 1 per cent each. The Sensex surged 1,961.32 points, or 2.54 per cent, to finish at 80,109.85, while the Nifty50 climbed 314.65 points, or 1.32 per cent, to settle at 24,221.90.

Let's take a look at some key cues before the market opens today:

US Markets: Wall Street's main indexes ended higher on Monday, with the small-cap Russell 2000 index hitting an all-time high after Scott Bessent's nomination as U.S. Treasury secretary helped push bond yields lower. Focus also turned to talks of a ceasefire deal between Israel and Lebanon, which pushed oil prices lower, dragging the Energy index 2% lower. The S&P 500 gained 17.81 points, or 0.30%, to end at 5,987.15 points, while the Nasdaq Composite gained 51.50 points, or 0.27%, to 19,055.15. The Dow Jones Industrial Average rose 439.02 points, or 0.99%, to 44,735.53.

Trump on Tariffs: Trump on Monday said that on his first day in office he would impose a 25% tariff on all products from Mexico and Canada and an additional 10% tariff on goods from China, citing concerns over illegal immigration and trade of illicit drugs.

Asian Markets: Japan's Nikkei share average fell more than 1% on Tuesday as the market reacted to U.S. President-elect Donald Trump's fresh promises of tariffs. Meanwhile, South Korea's KOSPI eased 0.4%. Australia's stock benchmark eased 0.36%, a day after rising to a record high. U.S. S&P 500 futures pointed 0.3% lower following a 0.3% gain in the cash index overnight, when the small-cap Russell 2000 index also hit an all-time high.

Dollar jumps: The dollar rallied against major peers on Tuesday after U.S. President-elect Donald Trump pledged tariffs on all imports from Canada and Mexico, and additional tariffs on China. Bessent's appointment had also led to a sharp fall in U.S. yields as investors scooped up Treasury bonds, sending the dollar sliding in the previous session. The dollar jumped 2% to 20.679 Mexican pesos as of 0040 GMT on Tuesday, and climbed 1% to C$1.4130. It strengthened 0.3% to 7.2681 yuan in offshore trading. The U.S. currency added 0.14% to 154.43 yen, while the euro slipped 0.5% to $1.0444.

S&P Cuts rating: Credit ratings agency S&P Global on Monday pared down its growth forecast for India to 6.7 per cent in FY26 from the earlier estimate of 6.9 per cent. However, in its latest quarterly economic update for Asia-Pacific, the rating agency maintained its growth forecast for the current financial year (FY25) at 6.8 per cent as “high interest rates and a lower fiscal impulse temper urban demand”.

Crude Oil: Oil prices slipped in early trade on Tuesday, extending declines from the previous session as investors took stock of a potential ceasefire between Israel and Hezbollah, weighing on oil's risk premium. Brent crude futures fell 28 cents, or 0.38%, to $72.73 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures were at $68.62 a barrel, down 32 cents, or 0.46%.

Gold Prices: Gold prices fell on Tuesday to their lowest in more than a week, weighed down by a stronger dollar and reports of a potential Israel-Hezbollah ceasefire that dampened safe-haven demand. Spot gold was down 0.2% at $2,621.06 per ounce, as of 0023 GMT, after hitting its lowest since Nov. 18 earlier in the session.

Rupee: The rupee appreciated 12 paise to close at 84.29 against US dollar on Monday, supported by a firm trend in domestic equities amid improved investor risk appetite. Forex traders said investor sentiment got a boost after the Israeli ambassador to Washington said the Hezbollah ceasefire deal could come "within days". At the interbank foreign exchange, the rupee opened at 84.38 and touched an intra-day high of 84.25 against the greenback. The unit ended the session at 84.29 against the dollar, registering a rise of 10 paise over its previous close.

FII/DII data: After weeks of heavy selling since October, foreign institutional investors (FIIs) turned buyers on November 25, scooping up shares worth ₹9,947.55 crore. Meanwhile, domestic institutional investors (DIIs) took the opposite route, offloading shares of ₹6,907.97 crore.