Indian equity benchmarks, the Sensex and Nifty, are likely to open on a weak note today, March 4, tracking losses in GIFT Nifty, which was trading lower at around 24,458.50 in early indications.
Track the latest updates on GIFT Nifty right here on Moneycontrol.
The Indian equity indices fell more than 1% on March 2 amid weak global cues, as escalating tensions between the US and Iran pushed crude oil prices sharply higher, dampening investor sentiment.
At close, the Sensex was down 1,048.34 points or 1.29 percent at 80,238.85, and the Nifty was down 312.95 points or 1.24 percent at 24,865.70.
Here is how financial markets across the globe fared overnight:GIFT Nifty (Falls)
The GIFT Nifty was trading lower at around 24,458.50, indicating a gap-down opening.
Asian Equities (Down)
Asian stocks extended their slide into a third day and oil edged up as the war in Iran threatens to unleash a wave of global inflation and traders pare bets for interest-rate cuts by the Federal Reserve.
US Equities (Slip)
US stocks ended sharply lower on Tuesday as investors worried the Middle East conflict may persist long enough to ramp up inflation.
Selling was broad-based and the Cboe Volatility index registered its highest closing level since November. Still, indexes finished well off their lows of the day, with the S&P 500 ending down 0.9% after falling more than 2% early in the session.
The Dow Jones Industrial Average fell 403.51 points, or 0.83%, to 48,501.27, the S&P 500 lost 64.99 points, or 0.94%, to 6,816.63 and the Nasdaq Composite lost 232.17 points, or 1.02%, to 22,516.69.
Dollar Index (Gains)
The dollar rallied to a three-month high in early trading in Asia on Wednesday, with investors retreating from the euro as the growing conflict in the Middle East sparked fears of a sustained rise in energy prices.
US Bond Yield (Flat)
The US Treasury 10-year yield down marginally at 4.05%, while 2-year yield was up at 3.51%.
Asian Currencies (Down)
Asian currencies were trading mostly lower in early Wednesday trade with Taiwan Dollar leading the losers followed by Philippines Peso, China Renminbi, Singapore Dollar, Thai Baht.
Crude (Up)
Benchmark Brent crude oil futures are up more than 12% for the week at $81.40 a barrel, though they came off highs after US President Donald Trump ordered an insurance guarantee on Gulf shipping and said the navy may escort oil tankers through the Strait of Hormuz if necessary.
Gold (Gains)
Gold rose, after tumbling more than 4% in the previous session, as traders weighed a stronger dollar
against demand for safer assets as war escalates in the Middle East.
Fund Flow Action
Foreign Institutional Investors (FIIs) extended their selling for the third consecutive session on March 2, offloading equities worth Rs 3,295 crore. On the other hand, Domestic Institutional Investors (DIIs) continued their buying streak for the fifth straight day, purchasing equities worth over Rs 8,593 crore.
Hope you're all set for today's trade. We wish you a profitable day ahead.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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