Sensex, Nifty Seen Higher At Open As US Supreme Court Weighs Legality Of Trump Tariffs

(RTTNews) - Indian shares look set to open higher on Thursday as investors react to signs of a resilient U.S. labor market and reports that the U.S. Supreme Court seems skeptical of President Trump's sweeping global tariffs, with key justices noting that he had overstepped his authority with his signature economic policy.

Meanwhile, Democrats have swept the first major election in the U.S. during the second term of President Donald Trump, indicating a degree of frustration with the ongoing federal government shutdown and also signaling a broader barometric downturn in the approval ratings of his administration's policies.

Closer home, investors await the HSBC Composite PMI Final and HSBC Services PMI Final data for October 2025 as well as earnings from prominent companies, including Life Insurance Corporation of India, Multi Commodity Exchange of India, Apollo Hospitals Enterprise, Lupin and ABB India for direction.

Indian markets were closed on Wednesday for a public holiday in observance of Guru Nanak Jayanti.

Benchmark indexes Sensex and Nifty both fell around 0.6 percent in cautious trade on Tuesday due to sustained FII selling and lack of clarity around U.S.-India trade talks.

As tensions linger over trade tariffs and oil imports from Russia, the White House said President Trump is positive and feels very strongly about India-U.S. relationship.

Asian markets were mostly higher this morning, while the dollar dipped from recent peaks and Treasuries held their losses after the U.S. government signaled that larger auction sizes are on the horizon.

Spot gold was marginally lower at $3,978 an ounce as investors pondered the outlook for the Fed's interest-rate path.

Fed Governor Stephen Miran described the latest ADP report revealing an increase in employment at companies as "a welcome surprise," but reiterated rates need to be lower.

Oil inched up slightly after falling more than 1 percent on Wednesday to settle at a two-week low on concerns of a possible global oil glut.

U.S. stocks fluctuated before closing higher overnight as upbeat earnings and solid economic data outweighed jitters over inflated tech stock valuations.

ADP said private sector employment climbed by 42,000 jobs in October after slipping by a revised 29,000 jobs in September.

Economists had expected private sector employment to rise by 25,000 jobs compared to the loss of 32,000 jobs originally reported for the previous month.

The Institute for Supply Management released a report that showed U.S. service sector activity expanded at the fastest pace in eight months amid a surge in new orders.

The tech-heavy Nasdaq Composite surged 0.7 percent, boosted by a rebound in artificial intelligence-linked stocks, including Advanced Micro Devices.

The Dow gained half a percent and the S&P 500 rose 0.4 percent after the Supreme Court raised doubts over the legality of President Trump's sweeping tariff powers, raising expectations that some duties could be rolled back.

European stocks recovered after a weak start to close higher on Wednesday. The pan-European Stoxx 600 inched up 0.2 percent.

The German DAX rose 0.4 percent, France's CAC 40 inched up marginally and the U.K.'s FTSE added 0.6 percent.