There are tentative signs of progress in US–Iran backchannel negotiations, with a temporary pause in hostilities offering some relief to global markets. However, uncertainty persists, keeping investors cautious while crude oil prices remain volatile.
US President Donald Trump said attacks would be halted for another 10 days to create space for talks. Formal negotiations have yet to begin, with proposals and conditions still being exchanged through intermediaries.
US markets had closed sharply lower earlier, with crude briefly surging above $108 a barrel. Following Trump’s remarks, US futures moved higher and oil prices eased.
Wall Street ended Thursday deep in the red amid concerns over the viability of negotiations with Iran.
The Dow Jones fell 469.38 points (1.01 percent) to 45,960.11
The S&P 500 dropped 114.74 points (1.74 percent) to 6,477.16
The Nasdaq declined 521.74 points (2.38 percent) to 21,408.08
US futures, however, recovered in early trade:
Dow futures up 174 points (0.38 percent)
S&P futures up 23 points (0.35 percent)
Nasdaq futures up 75 points (0.31 percent)
European markets slipped about 1.5 percent on inflation concerns and geopolitical uncertainty.
Asian markets opened lower but trimmed losses. Japan’s Nikkei fell about 1.3 percent and South Korea’s Kospi dropped 3.6 percent before recovering partially. Chinese industrial profits rose 15 percent in January, offering some support to sentiment.
Indian markets extended gains on Wednesday before closing off highs.
Sensex rose 1,205 points (1.63 percent) to 75,273.45
Nifty gained 394 points (1.72 percent) to 23,306.45
Bank Nifty advanced 2.10 percent
Broad-based buying lifted mid cap and small cap indices, with sectors such as consumer durables, metals, realty, auto and financials leading the rally.
However, early signals from Gift Nifty suggest a weak opening for Friday, with the index indicating a potential drop of over 150 points.
Foreign investors remained sellers, offloading ₹1,805 crore in the cash market, while domestic institutions bought ₹5,429 crore.
Gold and silver continue to fluctuate in line with shifting peace expectations. Gold fell sharply to $4,379 an ounce before recovering to around $4,406. Silver hovered near $68.5 an ounce.
In Kerala, 22-carat gold closed at ₹1,06,000 per sovereign.
Crude oil remains highly sensitive to geopolitical cues. Brent crude, which surged to $108.01, has eased to around $106.55. WTI is near $93, while Murban crude trades above $111.
The dollar index firmed up to around 99.9 amid reduced hopes of immediate peace. The rupee weakened to 93.98 against the dollar, with offshore markets indicating further pressure.
Cryptocurrencies declined as risk sentiment weakened:
Bitcoin fell below $68,900
Ether slipped under $2,070
Solana dropped below $86.75
(March 26, Thursday)
Sensex: 75,273.45 (+1.63 percent)
Nifty 50: 23,306.45 (+1.72 percent)
Bank Nifty: 53,708.10 (+2.10 percent)
Dow Jones: 45,960.11 (-1.01 percent)
S&P 500: 6,477.16 (-1.74 percent)
Nasdaq: 21,408.08 (-2.38 percent)
Rupee: ₹93.98 (↓)
Gold: $4,379/oz (↓)
Brent crude: $108.01 (↑)