India’s benchmark indices, Sensex and Nifty 50, are likely to open higher on Friday, supported by short-covering after the previous session’s sharp losses and mixed with overnight global cues.
Asian markets traded on a mixed note, while the US stock market closed lower overnight as soaring crude oil prices amid the US–Iran war fueled inflation concerns and weakened expectations of interest rate cuts.
However, on Thursday, the Indian stock market saw a sharp sell-off, ending its three-day winning streak.
Domestic Market Recap
On Thursday, Indian indices closed red:
- Sensex crashed by 2,496.89 points (3.26%) to close at 74,207.24
- Nifty 50 moved down by 775.65 points (3.26%) to settle at 23,002.15
Gift Nifty
Gift Nifty was trading near 23,177, around 122 points higher than the previous Nifty futures close, hinting at a positive start for Indian markets.
Overnight Wall Street Performance
The US stock market closed lower on Thursday as investors remained cautious about the outlook for interest rate cuts, with rising oil prices fueling inflation concerns.
- The Dow Jones Industrial Average slumped by 203.72 points (0.44%) to close at 46,021.43.
- S&P 500 down by 18.21 points (0.27%), ending at 6,606.49.
- The Nasdaq Composite was lower by 61.73 points (0.28%), finishing at 22,090.69.
Crude Oil Prices
- Brent crude slipped by 1.01% to $107.57/barrel
- US West Texas Intermediate (WTI) crude was trading 1.74% lower at $93.89/barrel
Overnight Major Global Events Driving Sentiment
- US–Iran War: Iran escalated tensions by intensifying attacks on oil and gas facilities in the Gulf in response to an Israeli strike on a key gas field. Donald Trump warned of a strong US response if the attacks continue, while Benjamin Netanyahu stated that Iran would no longer be allowed to enrich uranium or develop ballistic missiles. Israel also indicated that it would avoid further strikes on a key Iranian gas facility.
- ECB Policy: The European Central Bank kept its key interest rate unchanged at 2%, warning that the Iran conflict is clouding the outlook for growth and inflation in the eurozone. The ECB said it will closely monitor the impact of the war, particularly on energy prices and economic activity.
- Bank of England Policy: The Bank of England maintained its benchmark rate at 3.75%, with policymakers signalling readiness to act if risks from the Middle East conflict intensify. The Monetary Policy Committee unanimously voted to hold rates and warned that inflation could rise to 3.5% over the next two quarters.
- China LPR: China kept its benchmark lending rates unchanged for the 10th straight month in March. The one-year loan prime rate (LPR) remained at 3.0%, while the five-year LPR stayed at 3.5%.
- US Jobless Claims: Initial jobless claims in the US declined unexpectedly last week. Applications for unemployment benefits fell by 8,000 to a seasonally adjusted 205,000 for the week ended March 14.
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