Dow Jones jump 485 points on relief in tariffs, oil price fall to 6 month low and more; here's all you need to know before opening bell of March 6

Indian benchmark indices are expected to open positive on buoyant global market cues. The US markets closed in green with gains of more than 1% across the board as Trump announced a one-month exemption on auto tariffs on Canada and Mexico. Consequently, Asian markets opened higher on Thursday morning.

The gold prices continued to inch higher to record high levels as the tariff war intensified globally as China announced retalliatory tariffs on US imports. The dollar index fell below 104, indicating some relief in currency depreciation for the Indian Rupee.

US Markets

The US markets closed higher by 1% on all major benchmark indices like Dow Jones, NASDAQ, and S&P500 after the Trump administration announced a one-month exemption on auto import tariffs. The White House further said that it is open to more concessions on tariffs, adding optimism to the tensed geopolitical situation between the three nations.

Asian markets

The Asian markets traded high in optimism about tariff relief provided by the White House. The Japanese Nikkei traded 1%, and the Chinese and Hong Kong indexes jumped more than 1% on positive developments in the tariff war front. The Chinese government announced 15% tariffs on US agricultural, meat, wheat, corn and cotton products in retaliation to the US’s 10% tariffs on all Chinese products.

Crude oil

Crude oil prices continued to fall to six-month lows as geopolitical and trade war concerns weighed down on them. In addition, OPEC+ announced to increase oil output by unwinding 2.2 million bpd cuts. WTI crude oil prices fell to a month low of $65.25 per barrel, and Brent crude oil prices fell below $70 per barrel. Crude oil prices have fallen nearly 16% from the recent highs achieved in January 2025.

FII and DII

Foreign institutional investors reduced their pace of selling in the Indian market, selling equities worth ₹2,895 crore. However, they continued to hold their short positions, with 1.84 lakh contracts on the short side on Wednesday. On the other hand, DIIs increased the pace of buying at lower levels, adding equities worth ₹3,370 crore.