The GIFT Nifty is indicating a gap-down opening as tension along the LoC rises. India carried out an air strike on 9 terror camps based in Pakistan. Apart from that, the global markets will be affected by the US and China trade talks, which are likely to take place in Switzerland.
Earlier on Tuesday, the NSE Nifty 50 closed the session 82 points or 0.33% lower at 24,380, while the BSE Sensex declined 156 points or 0.19% to close at 80,641.
Key global and domestic cues to know on May 07, 2025
India’s revenge: Operation Sindoor
India launched “Operation Sindoor”, hitting terrorist camps in Pakistan as well as Pakistan-occupied Kashmir (PoK), avenging the deadly Pahalgam terror attack, which claimed 26 lives on April 22. The Ministry of Defence, in a statement, said that as many as 9 sites were attacked by India and no Pakistani military facilities were targeted. Following the strikes, Pakistan started heavy artillery firing along LoC in J&K.
Asian Markets
On May 07, major Asian indices rose higher as trade talks between the US and China are to resume. Japan’s Nikkei 225, which opened in the green, soon fell 0.2% or 73 points to 36,757. Hong Kong’s Hang Seng was yet to trade. Korea’s Kospi was trading 0.43% higher at 2,570. The Taiwan Weighted rose 0.34% to trade at 20,592.
US markets
The US stock markets extended Tuesday’s losses after US President Donald Trump’s commentary on global trade deals. He said that progress will soon be made on the tariff front. The Dow Jones Industrial Average fell 389.83 points, or 0.95%, to finish at 40,829. The S&P 500 lost 0.77% to finish at 5,606.91, and the Nasdaq Composite shed 0.87% to close at 17,689.66.
US dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was up 0.26% at 99.50 on Wednesday morning. The index evaluates the strength or weakness of the US dollar in comparison to major currencies. The basket contains currencies such as the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc. The rupee depreciated 0.20% to close at 84.43 to the dollar on May 06.
Crude oil
The crude oil prices rose on Wednesday. WTI crude prices were trading at $59.59, up by 0.85%, while Brent crude prices were trading at $62.56, up by 0.68%, on Wednesday morning.
FII, DII data
Foreign institutional investors (FII) were the net buyers of shares worth Rs 3,794.52 crore. Meanwhile, the Domestic institutional investors (DII) were the net sellers of shares worth Rs 1,397.68 crore on May 06, 2024, according to the provisional data available on the NSE.
Gold rate today
As tensions loom between India and Pakistan, the gold prices have surged to an all-time high. The rate for 24-carat gold today is Rs 97,830 per 10 grams, lifetime high. The rate of gold has jumped by 12.32% in the last one month. The 22 kt gold rate today is Rs 89,678 per 10 grams. The 18-carat gold price today is Rs 73,373.