Market Cues Today: Trump’s Tariff Deadline, PM Modi’s Statement, Gold Rate Today And Other Triggers Expected To Impact Trade

The headline indices began the week on a positive note on August 25. The Sensex closed in the green at 81,635.91, up by 329.05 points or 0.4 per cent. The Nifty 50 finished the session at 24,967.75 up by 97.65 points or 0.39 per cent.

Stock Market Cues On August 26

Some of the key cues expected to impact D-street on August 26 include Trump’s tariff deadline, PM Modi’s speech, crude oil prices, gold rates. Here’s a look at some of the cues:

Trump's Tariff Deadline

The deadline for the imposition of additional tariffs on India is approaching. Ahead of the August 27 deadline, the US  Department of Homeland Security published a notice which mentioned that the country will impose a 50 percent tariff on products imported from India. The latest tariff related development comes amid intensifying conflict between Russia and Ukraine and the US’s inability to broker a peace deal between the two countries. Notably the market will remain closed on August 27 thus the announcement is likely to affect the stock market on August 26 as well.

PM Modi’s Statement

Ahead of the impending tariff deadline, Prime Minister Narendra Modi addressed a gathering in Ahmedabad, Gujarat. In his address, he emphasised that his government will prioritise the interests of small entrepreneurs, shopkeepers and individuals engaged in animal husbandry. PM Modi also urged people to use goods manufactured in India.

"Today in the world, everyone is busy doing politics based on economic interests. From this land of Ahmedabad, I will tell my small entrepreneurs, my small shopkeeper brothers and sisters, my farmer brothers and sisters, my animal husbandry brothers and sisters and I am saying this on the land of Gandhi. Be it the small entrepreneurs, farmers, or animal keepers of my country, for everyone, I promise you again and again, your interests are paramount for Modi," PM Modi said.

Crude Oil Prices On August 26

Crude oil prices declined on August 26 with the West Texas Intermediate crude trading at $64.45 down by $0.35 or 0.54 per cent. The price of Brent Crude fell by $0.33 or 0.48 per cent to $68.47.

Gold Rate On August 26

Gold prices slipped in the early hours of August 26, the price of one gram of 24 karat gold was around Rs 10,150, the price of one gram of 22 karat purity gold remained around Rs 9,304. The rates for 18 karat purity gold were Rs 7,613 per gram on August 26.

Asian Indices Trade Mixed On August 26

Key Asian indices traded lower in the early hours of August 26, Hong-Kong’s Hang Seng fell 0.2 per cent and the KOSPI fell 0.98 per cent. On the other hand the Shanghai Composite gained 0.04 per cent. At the time of writing the Nikkei 225 witnessed the steepest declines as it traded around 42,309 level down by 498.82 points or 1.17 per cent.

US Market Indices

Wall Street indices finished the session lower on August 25, the Dow Jones Industrial Average finished the session at 45,282.47 shedding 349.27 points or 0.77 per cent. On the other hand the Nasdaq Composite and the S&P 500 finished the session lower by 0.22 per cent and 0.43 per cent respectively.