Gift Nifty futures soared more than 300 points on Friday, 20 February, following the US Supreme Court’s decision to strike down former President Donald Trump’s broad tariffs, which also sparked a rally in US stocks.
The US Supreme Court rejected Trump’s attempt to use the International Emergency Economic Powers Act to impose widespread tariffs, ruling against one of his most vital economic agendas.
On Friday at around 10:15 pm, Gift Nifty futures hit an intraday high of 25,900, 1.3% or 334 points after the US Supreme Court judgement, according to data collected by NSE.
Wall Street today
US stock indices rose on Friday after the Supreme Court’s decision to strike down President Donald Trump’s tariffs. Wall Street opened lower after data showed the world’s largest economy grew at a slower-than-expected pace amid persistent inflation pressures. While the S&P 500 bounced, only half of its shares rose.
The Dow Jones Industrial Average dropped 0.54% to 49,395.16, while the S&P 500 declined 0.28% to finish the session at 6,861.89. The Nasdaq closed 0.31% lower at 22,682.73.
Apple’s stock price decreased by 1.4%, while Nvidia’s stock eased by 0.04%. AMD shares increased by 1.62%, Tesla shares went up by 0.09%, and Walmart’s share price declined by 1.4%. Blue Owl shares dropped sharply by 6%. Shares of Apollo Global Management, Ares, KKR & Co, and Carlyle Group all fell within a range of 1.9% to 5.2%.
The court ruled that Trump exceeded his authority by using federal emergency powers to impose “reciprocal” tariffs and specific import taxes aimed at fentanyl trafficking. Concerns about a potential budget shortfall threatening the country’s financial stability impacted the dollar and Treasuries. Meanwhile, an ETF focused on emerging markets approached a record high.
“The Supreme Court just dropped a pretty large wrench into the policy machine,” Mark Malek at Siebert Financial told Bloomberg. “The revenue stream that had quietly been flowing into Treasury from import duties is now turned off, and the government may actually have to refund a meaningful portion of what it already collected as companies file claims.”
Indian stock market today
The Indian stock market benchmark indices, Sensex and Nifty 50, closed with strong gains on Friday, 20 February, reversing early losses, driven by solid buying across most sectors.
The Sensex rose 317 points, or 0.38%, to end at 82,814.71, while the Nifty 50 settled at 25,571.25, up 117 points, or 0.46%.
The total market capitalisation of BSE-listed companies has risen to ₹467 lakh crore from ₹465 lakh crore in the last session, boosting investor wealth by ₹2 lakh crore in a single session.
Except for Nifty IT, all other sectoral indices were trading in the green, led by Nifty Metals, Nifty FMCG, Nifty PSU Bank, Nifty Auto, and Nifty Pharma.
