Stock Market Today LIVE: The Indian stock market indices are set to kick off the trade on Wednesday, March 11, on a weak note, tracking mixed cues from global markets. The Gift Nifty futures stood at 24,301, down 93 points from the Nifty futures’ previous close.
Asian markets today
Asian markets traded higher as investors assessed the development over the ongoing US-Iran war. Japan’s Nikkei 225 gained 1.36%, while the Topix rose 1.22%. South Korea’s Kospi rallied 2.52%, and the Kosdaq rose 1.39%.Hong Kong Hang Seng index indicated a muted opening.
Crude oil prices
Crude oil prices seesawed after the Wall Street Journal reported the International Energy Agency has proposed the largest release of oil reserves in its history to offset supply disruptions stemming from the war on Iran.
Brent futures traded 0.13% higher at $87.91 a barrel, while US West Texas Intermediate (WTI) traded up 0.08% at $83.52 a barrel.
Stock Markets on Tuesday
Both the benchmark indices — Sensex and Nifty — staged a smart rebound on Tuesday, after a heavy selloff a day ago. Both indices ended almost 1% higher, tracking positive global cues, as investor sentiment improved following signs of potential de-escalation in the ongoing West Asia conflict.
Markets reacted positively after US President Donald Trump signalled that the war with Iran could come to an end soon, while warning that Iran would face stronger retaliation if it attempts to block oil flows through the Strait of Hormuz.
On the technical front, the rebound has helped the Nifty 50 move back above the 24,000 mark, indicating some stability after the recent breakdown. However, the index still faces a strong resistance zone around 24,400–24,600; a decisive move above this band is required for a sustainable recovery, said Ajit Mishra – SVP, Research, Religare Broking.
“On the downside, 23,700–23,900 remains the immediate support zone. Given the prevailing volatility and global uncertainties, participants are advised to remain selective and focus on disciplined risk management while taking fresh positions,” he opined.
Track this space for LIVE updates on Indian stock market moves.