US markets opened on a mixed note Thursday morning as investors closely monitored ongoing signals about global trade negotiations, particularly between the United States and China.Lingering uncertainty around tariff talks, paired with cautious sentiment from key officials, continued to shape investor behaviour across asset classes.
As of 9:42 AM GMT-4, US stock markets showed a mixed performance with investors closely monitoring the status of trade talks between the United States and China. The S&P 500 was up 15.05 points, or 0.28%, at 5,390.91, reflecting cautious optimism in the broader market.
The Dow Jones Industrial Average fell 100.3 points, or 0.25%, to 39,506.27 as of the same time, dragged lower by weakness in industrial and financial stocks, which are more exposed to global trade tensions. In contrast, the Nasdaq rose 107.29 points, or 0.64%, to 16,815.34, lifted by gains in large-cap tech names.
Gold climbed $41.10, or 1.25%, to $3,335.20, while oil prices also advanced, with West Texas Intermediate crude up $0.58, or 0.93%, at $62.85 per barrel. The yield on the 10-year US Treasury note dropped 5.1 basis points to 4.336%, reflecting a shift toward safer assets.
In currency markets, the euro traded at $1.137, up 0.006 or 0.522% against the US dollar as of the latest reading. The VIX, Wall Street’s fear gauge, declined 0.92 points, or 3.23%, to 27.53.
Meanwhile, Stock markets mostly fell on Thursday after China dismissed US President Donald Trump‘s upbeat comments about progress in trade negotiations, casting doubt on the prospects of a deal to end the ongoing US-China trade war.
Markets had rallied the previous day when Trump suggested that tariffs on Chinese goods could be significantly reduced and that a “fair deal” with Beijing was within reach.
However, China on Thursday stated that claims of active trade talks with Washington were “groundless,” dampening investor optimism.
US Treasury Secretary Scott Bessent added to the uncertainty, saying that the two countries were “not yet” discussing the lowering of tariffs.
“The investing world went back to clinging to every word from the White House, but with such a confusing and often contradictory stance on tariffs, volatility was all that could really be expected,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.
European stock markets fell as investors also focused on a series of corporate earnings reports for clues about how tariffs might affect business outlooks moving forward.
“Comments about tariffs from business leaders were everywhere, and investors were eager to see how companies planned to manage potential cost pressures,” said Russ Mould, investment director at AJ Bell.
Amid the uncertainty, the US dollar weakened, as investors turned to traditional safe-haven assets like the Swiss franc, the yen, and gold.
In Asia, Tokyo’s Nikkei 225 closed 0.5 percent higher, while Shanghai ended the day flat and Hong Kong’s Hang Seng Index dropped nearly one percent.
Bessent also addressed US-Japan trade talks, stating that there were “absolutely no currency targets,” despite Trump’s previous remarks expressing a desire for a stronger yen.
Seoul’s stock market declined after South Korea’s economy unexpectedly contracted by 0.1 percent in the first quarter of 2025.
On Wall Street, the S&P 500 had closed 1.7 percent higher on Wednesday, reflecting previous optimism.
In corporate news, Japanese automaker Nissan issued a stark profit warning, adding to investor concerns. Conversely, Nintendo shares surged as much as 5.5 percent following stronger-than-expected pre-order demand in Japan for its upcoming Switch 2 console.
French software company Dassault Systèmes saw its shares drop around seven percent in Paris after reporting a decline in net profit and revising its 2025 operating margin forecast downward.
Luxury group Kering fell roughly four percent in Paris as its Gucci brand continued to experience a sales slump.
Carmaker Renault, also based in Paris, rose around two percent after announcing further cost-cutting plans in response to US tariffs and reporting a slight increase in sales volumes.
In Frankfurt, German sportswear maker Adidas jumped about three percent as its first-quarter profit nearly doubled, surpassing market expectations.
Key Figures at 1100 GMT:

Currencies:

Commodities:

Image used for representational purpose.
| Photo Credit: PTI

Equity benchmark indices Sensex and Nifty ended lower on Thursday (April 24, 2025) amid profit-taking after a seven-day rally and disappointing earnings from Hindustan Unilever.

Selling in blue-chips ICICI Bank, Bharti Airtel and a largely muted trend in Asian and European equities also dragged the markets lower.

The 30-share BSE benchmark declined 315.06 points or 0.39% to settle at 79,801.43. During the day, it dropped 391.94 points or 0.48% to 79,724.55.

The NSE Nifty went down by 82.25 points or 0.34% to 24,246.70.

In the past seven trading days, the BSE benchmark gauge zoomed 6,269.34 points or 8.48% and the Nifty jumped 1,929.8 points or 8.61%.

From the Sensex firms, FMCG major Hindustan Unilever Ltd (HUL) dropped 4% after the firm reported a decline of 3.35% in consolidated net profit at ₹2,475 crore for the fourth quarter ended March 31, 2025 on lower margins.

Bharti Airtel, ICICI Bank, Eternal, Mahindra & Mahindra, HCL Technologies, HDFC Bank, Kotak Mahindra Bank, Tata Consultancy Services and Bajaj Finance were also among the laggards.

Nestle India Ltd on Thursday reported a 6.5% decline in consolidated net profit at ₹873.46 crore for March quarter of FY25 as the FMCG industry faced food inflation and moderation in urban consumption.

IndusInd Bank, UltraTech Cement, Tata Motors, Tech Mahindra, Titan and Asian Paints were among the gainers.

“The domestic market witnessed mild profit-booking after the recent rally. Similarly, global markets too experienced selling pressure as the market participants scaled back the possibility of a quick resolution of tariff disputes between the U.S. and China.

“FMCG majors’ Q4 results were weak, impacted by subdued volumes and margin pressure, which led the sector to underperform,” Vinod Nair, Head of Research, Geojit Investments Limited, said.

In Asian markets, South Korea’s Kospi index and Hong Kong’s Hang Seng settled lower while Tokyo’s Nikkei 225 and Shanghai SSE Composite ended in the positive territory.

European markets were quoting lower.

U.S. markets ended sharply higher on Wednesday. Nasdaq Composite jumped 2.50%, S&P 500 surged 1.67% and Dow Jones Industrial Average climbed 1.07%.

Global oil benchmark Brent crude dipped 0.03% to $66.10 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth ₹3,332.93 crore on Wednesday, according to exchange data.

The BSE benchmark jumped 520.90 points or 0.65% to settle at 80,116.49, the highest closing level since December 18, on Wednesday. The Nifty rallied 161.70 points or 0.67% to 24,328.95.

Prime Minister Narendra Modi addresses the 6th edition of India Steel programme, on April 24, 2025.
| Photo Credit: ANI

Prime Minister Narendra Modi on Thursday (April 24, 2025) asked the industry to come together to build a “resilient, revolutionary and steel-strong India”.

Speaking at the India Steel 2025 event, the Prime Minister (PM) also said that the country needs to strengthen its global partnerships for securing raw materials and called on the industry to start extracting iron ore from unused greenfield mines to increase steel production.

Terming steel as a “sunrise sector”, Modi underlined the need to up production of the commodity which is the “backbone” of development, adopt newer processes, undertake innovation, exchange best practices within and also look at import substitutions in coal.

“Let us come together to build a resilient, revolutionary and steel-strong India,” PM Modi said in his address to the steel industry participants.

He acknowledged that getting raw materials is a “major concern” for the steel sector, and urged all to strengthen global partnerships and secure supply chains.

“One major concern is raw material security. We still depend on imports for nickel, coking coal and manganese. And hence, we must strengthen global partnerships, secure supply chains, and focus on technology upgrades,” PM Modi said in a virtual address at the event.

Stating that there are unused greenfield mines, PM Modi said it is very important to their proper and timely utilisation, and warned that both the country and the industry will suffer due to this.

He said the country also needs to explore alternatives like coal gasification and better utilisation of its reserves to reduce coal imports.

The industry must be future ready, and adopt new processes, new grades and new scale, the Prime Minister said.

PM Modi said the country is aiming to increase the steel production capacity to 300 million tonnes by 2030, from the 179 MT in FY24, and added that the per capita steel consumption is also targeted to grow to 160 kg from 98 kg at present in the same time period.

He said the country is also “advancing” the $1.3 trillion national infrastructure pipeline and there is “extensive work underway” to transform cities into smart cities on a large scale.

“Unprecedented pace of development in roads, railways, airports, ports and pipelines is creating new opportunities for the steel sector,” PM Modi said, adding that the growing number of mega projects will increase the demand for high grade steel.

He also noted that the steel used in the maiden indigenously built aircraft carrier Vikrant and the Chandrayaan mission was manufactured locally.

The PM said the country aspires to build modern and large ships with an eye on the export market, and added that high grade steel will be needed for such initiatives.

Stating that the goal should be “zero imports and net exports” when it comes to steel, PM Modi pointed that the country aims to increase the exports to 500 MT by 2047, from the present 25 metric tonnes (MT) of steel.

India is not just thinking of domestic growth, but also “global leadership” in the sector, PM Modi said, pointing out that the world looks at India as a trusted supplier of high grade steel.

Apart from that, welfare schemes like the Pradhan Mantri Awas Yojana and also the Jal Jeevan Mission are also helping create opportunities for the steel sector, he said.

The government, a major infra developer in the country, is insisting on locally made steel in its contracts, he said, adding that government policies are making the sector competitive at the global stage.

He urged both the private and public sector to undertake newer initiatives in manufacturing, technology upgrades and in research and development, and share the best ones among themselves.

“We need to move faster towards energy efficiency, low emission and digitally advanced technologies,” PM Modi said, adding that artificial intelligence, automation, recycling and byproduct utilisation will define the future of the steel industry.

The steel sector is also important for the economy because of its potential to create jobs for the country’s youth, PM Modi said.