Stock Market Today: The Indian stock market opened sharply higher on Tuesday, following a rally in global markets amid signs of de-escalation in the US-Iran war. The benchmarks Sensex and Nifty 50 gained over 2% in the opening trade.
The BSE Sensex jumped 1,516.08 points, or 2.09%, to open at 74,212.47, while the Nifty 50 opened 365.80 points, or 1.62%, higher at 22,878.45. Bank Nifty index opened at 52,384.80, up 947.05 points, or 1.84%.
On the global front, Asian markets traded higher, while the US stock market rallied overnight, after the US postponed strikes against Iranian power plants.
The rally in global markets came after the US President Donald Trump extended his deadline for Iran to reopen the Strait of Hormuz. He said that the US will hold off striking Iranian power plants for five more days, and that US envoys have been holding talks with a “respected” Iranian leader, and Iran wants “to make a deal.” However, Iranian officials denied any such negotiations.
Gold Rate Today
Gold and silver prices in India slipped on Tuesday, following weakness in international bullion prices.
MCX gold rate today for April futures contracts opened lower by ₹849, or 0.61%, at ₹1,38,411 per 10 grams as against its previous close of ₹1,39,260 level. Gold prices declined as much as ₹2,576, or 1.85%, to a low of ₹1,36,684 level.
MCX silver price today for May futures contracts opened lower by ₹6,539, or 2.90%, at ₹2,18,628 per kilogram, as against its previous close of ₹2,25,167 level. MCX silver prices hit a low of ₹2,15,414 level, slipping as much as by ₹9,753, or 4.33%.
In the global markets, gold prices fell more than 1%, extending their slide to a tenth straight session, pressured by a firm US dollar and fading hopes for near-term Federal Reserve interest rate cuts.
Spot gold price fell 1.4% to $4,345.48 per ounce, while US gold futures for April delivery fell 1.3% to $4,348.60. Spot silver prices declined 2.5% to $67.37 per ounce.
Crude Oil Prices
Crude oil prices rose on supply fears, as Iran denied it had held talks with the US to end the war in the Gulf. Brent futures rallied 2.03% to $101.97 a barrel, while US West Texas Intermediate (WTI) climbed 2.92% to $90.70.
Stay tuned to this segment for the latest news of the Indian stock market today.