Indian equity benchmarks, the BSE Sensex and Nifty 50, are likely to see a mildly positive opening on March 20, tracking gains in GIFT Nifty, which was trading higher at 23,156.
Track the latest updates on GIFT Nifty right here on Moneycontrol.
The benchmark equity indices Sensex and Nifty tumbled sharply by more than 3 percent on Thursday, snapping a three-day rally, amid a spike in crude oil prices and weak global cues.
The Sensex tanked 2,496.89 points or 3.26 percent - its biggest single-day plunge since June 2024 -- to settle at 74,207.24. During the day, it dived 2,753.18 points or 3.58 percent to 73,950.95. The Nifty tumbled 775.65 points or 3.26 percent to end at 23,002.15.
Here is how financial markets across the globe fared overnight:GIFT Nifty (Up)
The GIFT Nifty traded higher at around 23,156, indicating a flat to positive opening for the Indian equity indices.
Asian Equities (Up)
Asian equities advanced early on Friday after US stocks rebounded from session lows and oil retreated amid efforts by the US and Israel to ease concerns over the Iran war.
US Equities (Gain)
Wall Street ended lower on Thursday, with declines in Micron Technology and Tesla, as worries about inflation stemming from soaring oil prices left investors pessimistic about the potential for future interest rate cuts.
Investors focused on warnings by Federal Reserve Chair Jerome Powell on Wednesday that the economic outlook remains uncertain amid a U.S.-Israeli war with Iran that has sent energy prices soaring and created fears of inflation. The Fed left rates unchanged, as expected.
The S&P 500 declined 0.27% to end the session at 6,606.49 points.
The Nasdaq declined 0.28% to 22,090.69 points, while the Dow Jones Industrial Average declined 0.44% to 46,021.43 points.
Dollar Index (Up)
The dollar index was little changed against the other major currencies in the early trade on FRiday.
Asian Currencies (Down)
Asian currencies were trading mostly lower in the early trade on Friday. However on year-to-date basis, South Korean Won and Thai Baht slipped 3 percent each, while Malaysian Ringgit jumped 3%..
Crude (Down)
il prices fell on Friday as leading European nations and Japan offered to join efforts to secure safe passage for ships through the Strait of Hormuz and the U.S. outlined moves to boost oil supply.
Gold (Up)
Gold and Silver prices were trading higher in the early trade. However, as the war reduces prospects for a US interest-rate cut in the near term, gold is heading for the biggest weekly loss in
six years.
Fund Flow Action
Foreign Institutional Investors (FIIs) extended their selling streak to the 15th consecutive session on March 19, offloading equities worth Rs 7,558.19 crore. Meanwhile, Domestic Institutional Investors (DIIs) continued their buying momentum for the 17th straight day, purchasing equities worth Rs 3,863.96 crore.
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