Stock Market Today LIVE: The Indian stock market’s benchmark indices, the Sensex and Nifty 50, are expected to open lower on Thursday, tracking weak global cues as a sharp rise in crude oil prices heightened inflation concerns and investors remained cautious amid escalating tensions between the US and Iran in the Middle East.
Trends in Gift Nifty also pointed to a weak start for the domestic benchmark index. Gift Nifty was trading around the 23,819 level, indicating a discount of nearly 120 points compared with the previous close of Nifty futures.
On Wednesday, the Indian stock market witnessed a sharp sell-off amid heightened caution over the ongoing US-Iran conflict, with the benchmark Nifty 50 slipping below the 23,900 mark.
The Sensex plunged 1,342.27 points, or 1.72 percent, to close at 76,863.71, while the Nifty 50 declined 394.75 points, or 1.63 percent, to settle at 23,866.85.
Meanwhile, Asian markets traded lower on Thursday, following overnight losses on Wall Street, amid surging crude oil prices and escalating US-Iran war. Japan’s Nikkei 225 declined 1.6%, while the Topix fell 1.34%. South Korea’s Kospi dropped 0.75%. Hong Kong Hang Seng index futures indicated a lower start.
Crude Oil Today
Oil prices surged as much as 8.2 percent after Iraqi security officials said Iranian explosive-laden boats struck two fuel-oil tankers, amid broader supply disruptions stemming from the US-Israeli conflict with Iran. Officials also said oil ports had “completely stopped operations.”
Markets remained unresolved despite the International Energy Agency’s plan to release 400 million barrels from its reserves — the largest move in its history — along with the US commitment to supply 172 million barrels starting next week as part of the coordinated effort.
Brent crude futures climbed $6.5, or 7.13 percent, to $98.5 per barrel at 0200 GMT, while US West Texas Intermediate (WTI) crude rose $6.1, or 7.1 percent, to $93.43 per barrel.
The escalating conflict in the Middle East has kept investors on edge as they evaluate its potential impact on inflation and the risk of prolonged pressure on global oil supplies.
Gold, Silver rate today
Gold prices were trading marginally lower on Thursday, March 12, while the silver rate today edged higher after the release of monthly US inflation data dampened expectations of interest rate cuts by the Federal Reserve, even as the conflict in the Middle East continues.
Spot gold rate today fell 0.39% to $5,159 per ounce, slipping below the $5,200 level. Meanwhile, spot silver was trading 0.12% higher at $85.65 per ounce during Asian trading hours on Thursday.
