Stock Market Today LIVE: The Indian stock market benchmark indices, Sensex and Nifty 50, rose over 0.5% on Monday, March 16 amid mixed global market cues, as investors watch out for the latest developments in the US-Iran war which has entered its third week. Volatility is likely to remain high amid elevated crude oil prices and uncertainties due to the Middle East war.
Nifty Midcap index and Nifty Smallcap index also turned postive. Among sectors, banks, auto and metal indices led the gains.
On the global front, Asian markets traded mixed. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1%. The US stock market ended lower last week, on worries over the global oil supply disruptions due to the war in the Middle East.
The US-Iran war has entered its third week, and the trade through the Strait of Hormuz, a vital artery for global oil and gas shipments, has come to an effective halt. US President Donald Trump said Washington is in contact with Iran but expressed doubt that Tehran is prepared for serious negotiations to end the conflict.
Crude Oil Prices
Global crude oil prices traded on a mixed note on Monday after the International Energy Agency (IEA) announced plans to release oil from emergency reserves to stabilize markets disrupted by the ongoing conflict in West Asia.
At 7:53 am, the April contract of benchmark Brent crude on the Intercontinental Exchange was trading at $103.95 per barrel, up 0.79%, while the April contract of West Texas Intermediate (WTI) on NYMEX was at $98.62 a barrel, down 0.09% from its previous close.
The move comes as the West Asia conflict deepens an already fragile global energy market, with disruptions around the Strait of Hormuz raising concerns over crude and liquefied petroleum gas (LPG) supplies and keeping volatility elevated.
Gold Rate Today
Gold rate declined by more than 1% in early deals on the MCX on Monday (March 16) morning amid dimming hopes of a near-term rate cut by the US Federal Reserve, as the ongoing US-Iran war has raised inflationary risks and increased concerns that economic growth is losing momentum.
MCX gold April futures dropped by ₹1,800, or 1.14%, to ₹1,56,655 per 10 grams in early deals on Monday, while MCX silver May contracts crashed by more than ₹4,300, or 1.7%, to ₹2,55,101 per kg.
Stay tuned to this segment for all live updates on the Indian stock market today.