Despite lingering uncertainty over a possible ceasefire, global markets are extending their gains. Investors appear to believe that recent statements from various sides are aimed more at placating hardline elements than signalling a breakdown in negotiations.
Delegations from Iran and the US are expected to arrive in Islamabad today for talks scheduled tomorrow. A quick breakthrough is unlikely, and discussions may continue over the coming days.
Crude oil prices remain elevated, though they eased off intraday highs after briefly touching $100 a barrel. Even so, Asian markets opened higher this morning.
In derivatives trading at GIFT City, GIFT Nifty closed at 23,985 on Thursday night. It dipped to 23,898 early today before recovering to 23,960, indicating a positive start for the Nifty.
Trade negotiations between India and the US are expected to resume later this month.
Meanwhile, Tata Consultancy Services (TCS) reported better-than-expected fourth-quarter results, with net profit rising about 12 percent. The company has a strong order book, including deals worth $12 billion in the latest quarter, taking the total deal pipeline to $40.7 billion.
Wipro will consider a share buyback at its board meeting on April 16.
US markets, which opened lower amid ceasefire concerns, ended Thursday with solid gains after optimism grew around the talks.
Dow Jones Industrial Average rose 275.88 points (0.58 percent) to 48,185.80
S&P 500 gained 41.85 points (0.62 percent) to 6,824.66
Nasdaq Composite climbed 187.42 points (0.83 percent) to 22,822.42
US futures were marginally mixed this morning, with a slight positive bias.
Asian markets are trading higher:
Japan’s Nikkei rose 1.70 percent
South Korea’s Kospi gained 1.90 percent
Hong Kong and Chinese indices rose about 0.50 percent
Australia’s market was marginally lower
China’s factory-gate prices rose in March for the first time in three years, signalling improving industrial demand.
Indian equities declined on Thursday after the previous day’s sharp rally, as concerns over the ceasefire and rising oil prices weighed on sentiment.
BSE Sensex fell 931.25 points (1.20 percent) to 76,631.65
Nifty 50 dropped 222.25 points (0.93 percent) to 23,775.10
Bank Nifty declined 1.58 percent
Mid cap and small cap indices showed marginal gains.
Market breadth remained weak, and foreign institutional investors continued selling, with net outflows of ₹1,711.19 crore. Domestic institutions provided partial support with net buying of ₹955.90 crore.
Gold remained volatile amid geopolitical uncertainty but ended higher.
Gold closed at $4,767.50 per ounce
Kerala gold prices fell ₹1,200 to ₹1,11,600 per sovereign
Silver, platinum and palladium saw mixed trends.
Industrial metals declined on global uncertainty:
Copper fell 0.78 percent
Aluminium dropped 0.85 percent
Rubber prices continued to rise in international markets, while palm oil gained and coffee edged lower.
The dollar index eased to 98.82 before inching up slightly. The euro and pound strengthened, while the yen weakened.
US 10-year bond yields declined to 4.285 percent.
The rupee weakened by 8 paise to close at 92.66 against the dollar and may remain under pressure.
Crude prices remain firm amid uncertainty over the reopening of the Strait of Hormuz:
Brent crude rose to $96.53 per barrel
WTI crude stood at $98.69
Cryptocurrencies retreated after a brief rise:
Bitcoin fell below $71,900
Ether dropped below $2,200
Solana slipped below $84
Sensex 76,631.65 (-1.20%)
Nifty 50 23,775.10 (-0.93%)
Bank Nifty 54,821.70 (-1.58%)
Midcap 100 56,978.75 (+0.32%)
Smallcap 100 16,566.00 (+0.17%)
Dow Jones 48,185.80 (+0.58%)
S&P 500 6,824.66 (+0.62%)
Nasdaq 22,822.42 (+0.83%)
Dollar ₹92.66 (+₹0.08)
Gold (ounce) $4,767.50 (+46.50)
Gold (sovereign) ₹1,11,600 (-₹1200)
Brent crude $95.92 (+$1.17)