Market Cues Today: Trump At UNGA, Powell's Speech, GDP Forecast, H-1B Visa Selection Process

A host of domestic and global market cues are likely to impact the trade on Dalal Street on September 24, including US President Donald Trump’s speech at the United Nations General Assembly, US Federal Reserve Chair Jerome Powell’s speech at Rhode Island, H-1B visa selection process, India’s gross domestic product (GDP) growth forecasts by global rating agencies, and fluctuations in crude oil prices and exchange rates.

In the previous session on September 23, domestic equities closed in red, with the benchmark indices extending losses for the third consecutive session.

The Sensex ended at 82,102.10, slipping 57.87 points, or 0.07 per cent, while the Nifty 50 closed at 25,169.50, down 32.85 points, or 0.13 per cent.

Key Market Cues Likely To Impact Trade On D-Street Today

Trump Targets India, China During UN Speech

US President Donald Trump, in his address at the UN General Assembly, accused China and India of funding Russia’s war in Ukraine through continued purchases of Russian oil and gas.

He warned that “in the event that Russia is not ready to make a deal to end the war, then the United States is fully prepared to impose a very strong round of powerful tariffs.” Trump also said that for such tariffs to work, European nations must “immediately cease all energy purchases from Russia” and adopt the same measures.

OECD Raises India’s GDP Forecast

The Organisation for Economic Co-operation and Development (OECD) has raised India’s gross domestic product (GDP) growth forecast for 2025 to 6.7 per cent from 6.3 per cent earlier, citing strong domestic demand and the impact of Goods and Services Tax (GST) reforms. However, it also added that higher tariff rates will weigh on the country’s export sector.

A day earlier, S&P Global Ratings retained India’s GDP growth forecast for the current fiscal at 6.5 per cent, citing strong domestic demand and a favorable monsoon.

The ratings agency also said that it expects the Reserve Bank of India (RBI) to cut rates by 25 basis points (bps) this year, after lowering its inflation estimate to 3.2 per cent. India’s economy grew 7.8 per cent in the April–June quarter.

H-1B Visa Selection Process

The Trump administration on September 23 released a proposal to revamp the H-1B visa selection process to give preference to higher-skilled and better-paid workers, according to a US Federal Register notice. The proposal comes days after the White House announced a $100,000 fee for new H-1B visas. The administration said the move is aimed at protecting American workers from unfair wage competition.

Powell Signals Cautious Approach On Future Rate Cuts

US Federal Reserve Chair Jerome Powell signaled a cautious stance on further rate cuts in remarks at Providence, Rhode Island on September 23. He said the US Fed faces risks to both its goals of maximum employment and stable prices. He noted that with unemployment rising, the Fed decided to cut its key interest rate last week, but he gave no indication of further reductions in the near term.

He warned that cutting rates “too aggressively” could leave inflation unresolved and force the Fed to raise rates again. At the same time, keeping rates high for too long could cause the labor market to weaken unnecessarily, he said.

Crude Oil Price Today

Crude oil prices rose in early trade after a report showed US crude inventories fell last week, raising concerns about tightening supplies.

The American Petroleum Institute (API) estimated that US crude stocks dropped by 3.82 million barrels in the week ended September 19, following a 3.42 million barrel decline the previous week.

So far in 2025, crude inventories in the US have increased by just 1.5 million barrels, based on API data calculations, as reported by oilprice.com.

Brent crude oil November futures traded 0.25 per cent higher at $67.80 per barrel, while the West Intermediate Texas (WTI) crude oil November futures quoted at $63.60 per barrel, up by 0.30 per cent, as of 9:00 AM.

Gold Price Today

Gold prices fell in early trade today in the domestic market amid a rise in US dollar and profit booking.

Gold October futures on the Multi Commodity Exchange (MCX) slipped 0.22 per cent to trade at Rs 1,13,465 per 10 grams.

On the COMEX, Gold December futures on September 23 ended 0.44 per cent lower at $3,798.80 per ounce.

INR vs USD

Indian Rupee strengthened against US dollar by 6.7 paise in early trade to 88.72 after hitting record lows of 88.97 in the previous session.

The December futures contract of the US dollar index, which measures how the greenback is performing compared with six widely traded international currencies, traded 0.11 per cent higher at 96.99. The gain comes after two straight days of the US dollar’s weakening.

US Market

Overnight, the key indices on the Wall Street finished lower after logging three straight sessions of closing at record highs, as market participants reacted to Powell’s speech at Rhode Island, which indicated a cautious approach to future rate cuts.

The Dow Jones slipped 0.19 per cent, the tech-heavy Nasdaq Composite closed 0.95 per cent, and the S&P 500 ended 0.55 per cent down.

Asian Markets

Asian markets traded mixed in early trade today after Powell’s speech. Japan’s Nikkei 225 traded 0.22 per cent down, South Korea’s Kospi too traded lower by 0.92 per cent.

On the other hand, the Hong kong-based Hang Seng surged higher by 0.91 per cent, and China’s SSE Composite traded higher by 0.63 per cent.