Markets Today: GIFT Nifty; Trump tariffs; Q3 GDP; Swasth, HP Telecom IPOs

Stock Market Today: At 6:50 AM, GIFT Nifty Futures were down 148 points at 22,536, hinting at a gap-down start

Stock Markets Today, February 28, 2025: The country’s Q3 GDP data, FII's persistent selling, Trump tariffs, along with weak global cues, may influence the benchmarks, Sensex and Nifty50, today.

 

At 6:50 AM, GIFT Nifty Futures were down 148 points at 22,536, hinting at a gap-down start.

 

Also Read: Rupee reverses losses, ends flat at 87.2 per dollar on likely RBI support

 

In the previous session, Sensex ended 0.01 per cent higher at 74,612.43, while Nifty50 settled 0.01 per cent lower at 22,545.05

 

Business Standard Manthan

 

BS Manthan, a two-day summit (Feb 27-28, 2025), will conclude today with discussions on key economic and business priorities for India. On the second day, leaders like Samir Arora of Helios Capital, Sunil Vachani of Dixon Technologies, and Ajai Chowdhry of HCL will address important topics related to India's growth prospects. 

Global cues

 

Asia-Pacific markets were trading lower on Friday following US President Donald Trump's confirmation that tariffs on imports from Mexico and Canada will take effect next week.

 

Nikkei tanked 2.76 per cent, while Topix lost 1.96 per cent. ASX 200 was down 0.67 per cent and Kospi declined 2 per cent.

 

Trump, on Thursday, announced that the 25 per cent tariffs on Canada and Mexico would go ahead on March 4 after a month-long delay. He stated these countries had not done enough to curb drug flows across the border. Trump also confirmed that China, already facing 10 per cent tariffs, will face an additional 10 per cent tariff on the same date.

 

In the US, the major stock indices ended lower. The S&P 500 fell 1.59 per cent. The Nasdaq dropped 2.78 per cent, with Nvidia’s 8.5 per cent decline weighing heavily on the index. The Dow Jones fell 0.45 per cent.

 

Also, the US economy grew at an annualised 2.3 per cent in Q4 2024, the slowest in three quarters, matching the advance estimate. Additionally, initial jobless claims rose 22,000 to 242,000 in the third week of February, the highest in over two months and above expectations of 221,000.

 

Domestic cues

 

India's economy likely rebounded last quarter, expanding 6.3 per cent, driven by increased government spending that helped offset weak household demand, according to a Reuters poll of economists who forecast relatively modest growth ahead.

 

Also Read: Worst over for India's economy, Q3 GDP growth seen at 6.2 per cent: Deutsche Bank

 

FII, DII

 

FIIs net sold shares worth Rs 556.56 crore, while DIIs net bought shares worth Rs 1,727.11 core, on February 27.

 

IPO market

 

Swasth Foodtech IPO (SME) and HP Telecom IPO (SME) will list on the bourses. 

 

Balaji Phosphates IPO (SME) will open for subscription, while Shreenath Papers IPO (SME) will enter Day 3. Also, Nukleus Office IPO (SME) will see its allotment.

  

Other triggers

 

Despite recent corrections in Indian markets, Chris Wood, global head of equity strategy at Jefferies, believes foreign money will likely favour China over India in the short-term. While bullish on Indian equities long-term, Wood remains cautious short-term due to FII outflows and valuation concerns. He expects the Sensex and Nifty to return 10-15 per cent in 12 months if FIIs return. READ MORE

 

India's benchmark indices are expected to see a slow recovery this year after their worst consecutive monthly decline in nearly 30 years. 

 

Tuhin Kanta Pandey has been appointed the next Sebi chairman, replacing Madhabi Puri Buch, effective from March 1.

 

Sebi has approved the launch of specialised investment funds (SIFs) starting April 2025 and mandated mutual funds to deploy new offerings within 30 business days. 

 

Also Read: Major issuers raise nearly Rs 17,000 crore through bonds on Thursday

 

Meanwhile, active SIP accounts in direct mutual fund schemes fell by nearly a million in January, reflecting a shift in investor sentiment.

 

Commodity market

 

Gold prices dropped to a two-week low on Thursday, falling 1.1 per cent to $2,885.13 an ounce, as the US dollar strengthened and investors awaited key inflation data. US gold futures settled 1.2 per cent lower at $2,895.90.

 

Oil prices rose over 2 per cent after Trump revoked Chevron’s license to operate in Venezuela and announced tariffs on Mexico and Canada, including a 10 per cent levy on Canadian energy imports. Brent crude gained 2.08 per cent, closing at $74.04, while US WTI rose 2.52 per cent to $70.35.

 

Here's how analysts are assessing today's (February 28) trading session:

 

Rupak De, senior technical analyst at LKP Securities

 

On the lower end, 22,500 continues to act as support, similar to how 22,800 did a few days ago. We expect Nifty to decline towards 22,200 and lower if it falls below 22,500. On the higher end, 22,650 might act as immediate resistance. In the short-term, the index is likely to remain a "sell on rise" as long as it stays below the 22,750-22,800 range.

 

Shrikant Chouhan, head of equity research at Kotak Securities

 

We believe that 22600/74800 will serve as a key resistance zone for short-term traders; above this level, a pullback could continue up to 22700-22800/75000-75300. Conversely, a fresh sell-off is likely only after a breach of 22500/74500; below this level, the market could slide down to 22400-22350/74200-74000.