Stock Market Today Highlights: The Indian stock market benchmark indices, Sensex and Nifty 50 rose over 1% after volatility in early deals led by gains in banks, auto and FMCG sectors. The rise comes despite gains in crude oil prices.
BSE Sensex ended the day 939 points or 1.26% higher at 75,503 while Nifty 50 settled 258 points or 1.11% higher at 23,409. Broder markets underperformed, with both Nifty Midcap and Nifty Smallcap ending in the red.
In intra-day deals, Sensex surged over 1,241 points or 1.66% to its day’s high of 75,805.27 while Nifty rallied 351 points or 1.5% to its intra-day high of 23,502.
Among Sectors, Nifty Bank, Nifty Financial Services, Nifty FMCG, and Nifty Auto rose over 1% each.
Crude oil remained above $105 per barrel as supply risks in the Middle East escalated following a second attack in three days on Fujairah, a vital port in the United Arab Emirates that’s just outside the Strait of Hormuz.
Meanwhile, 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 prolonged Middle East war.
Global Stocks today
Meanwhile, global stocks slipped only modestly and crude oil pared earlier gains as markets attempted to stabilize after the US strike on Iran’s main export hub. The dollar also weakened. The MSCI Asia Pacific Index edged 0.1% lower, while stocks in South Korea advanced 0.7%. Equity-index futures for the US also rose 0.3%. Tokyo time, S&P 500 futures were up 0.3%, while Hang Seng futures rose 0.5%. In Asia, Japan’s Topix slipped 0.2% and Australia’s S&P/ASX 200 fell 0.3%. Euro Stoxx 50 futures were also lower, down 0.5%.
In an interview with the Financial Times, Trump said he could delay his planned summit with Chinese President Xi Jinping if Beijing didn’t help unblock the waterway. He also warned in that interview that NATO would face a “very bad” future if member states failed to help in Hormuz.
When asked if there were any negotiations between the US and Iran, Trump said Washington is talking to Tehran but that he’s not sure if Iranians were “ready.” Oil prices will “come tumbling down” as soon as the war is over, he added. Iranian Foreign Minister Abbas Araghchi said over the weekend that the Islamic Republic hadn’t asked for talks or a ceasefire.
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
Oil prices rose on Monday as investor focus returned to threats facing Middle East oil facilities, despite U.S. President Donald Trump’s call for nations to help safeguard the Strait of Hormuz, a vital artery for global energy shipments.
Brent crude futures climbed $2.73, or 2.7%, to $105.87 a barrel by 0730 GMT, after settling up $2.68 on Friday. U.S. West Texas Intermediate crude gained $1.65, or 1.7%, to $100.36 a barrel, after finishing up nearly $3 in the previous session.
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
Silver prices slipped over 2.5% on Monday, March 16 even as the dollar softened, with bullion caught between two competing forces. On one hand, a weaker greenback and lower US Treasury yields offered some support to precious metals. On the other, stubbornly high oil prices kept inflation worries alive, which in turn reduced expectations of any near-term interest-rate cuts from the US Federal Reserve.
MCX Silver rate fell 2.6% to ₹2,52,700per kg while MCX Gold lost 1.55% to ₹1,56,000 per 10 gram.
Stay tuned to this segment for all live updates on the Indian stock market today.