Stock market today: GIFT NIFTY indicates big gap up opening for Indian markets on Tuesday; here's why

Indian markets are set to open higher on Tuesday amid upbeat global market cues. The US markets jumped nearly 1% on exemption in tariffs on smartphones, semiconductor, computers and certain electronic items. Furthermore, the Trump administration is also considering pausing tariffs on vehicles and components to give time to manufacturers to adjust their supply chains and set up manufacturing facilities in the US.

Gold prices hit a new record high at $3,221 per ounce amid uncertainty amid on fallout of the tariff war between the US and China. The US 10Y bond yield also cooled off from the recent highs of 4.5% to trade near 4.3% as investors flocked to haven assets.

US markets

US markets remained upbeat on Monday after the Trump administration announced the exemption of smartphones, semiconductors, and certain electronic items from the reciprocal tariff list. The Dow Jones and S&P 500 jumped nearly 0.8%, and the NASDAQ jumped 0.64%.

In addition, the sentiment remained positive as President Trump is also planning to consider pausing tariffs on vehicles and related auto components to give carmakers time to adjust supply chains and set up manufacturing plants in the US.

Asian markets

The Asian markets opened on a positive note on Tuesday morning on led by upbeat global cues. The exemption on tariffs on smartphones, semiconductors and certain electronics components cheered investor sentiments. The Japanese and Korean markets traded higher by nearly 1%, and Hong Kong and Chinese markets traded in the red with minor losses.

Crude oil price

Crude oil prices jumped nearly 12% from the lows of $55 per barrel at WTI crude prices as exemption news on auto vehicles and smartphones, semiconductors boosted the demand outlook for the oil price. WTI crude oil traded at $61 per barrel, and Brent crude oil prices traded near $65 per barrel. However, the gains may remain limited as OPEC+ cut its demand outlook for 2025 and 2026 amid the ongoing trade war.