India Market Recap

Indian equity benchmarks extended their losing streak for the fourth consecutive session on Wednesday, dragged by heavy selling in IT and Realty stocks. Rising geopolitical tensions pushed Brent crude above $100 a barrel, raising concerns over inflation, economic growth and corporate margins in India, the world’s third-largest crude oil importer. The Nifty 50 declined 203.60 points, or 0.86%, to 23,431.50, while the Sensex fell 813.35 points, or 1.08%, to 74,764.23. On the technical front, Nifty support is placed at 23,250–23,300, while resistance is seen at 23,570–23,625.

US Market Recap

US stocks and bonds came under pressure as a renewed surge in oil prices heightened inflation concerns. The selloff deepened after the US Treasury announced plans to purchase up to $6 billion of longer-dated government debt, while the 10-year Treasury yield touched its highest level since 2023. The S&P 500 fell 0.5%, extending its decline to a third straight session, while the Nasdaq 100 slipped 0.3% and the Dow Jones declined 0.8%. Apple also unveiled its latest foldable smartphone, while President Donald Trump played down concerns over rising oil prices despite ongoing Middle East tensions.

Asian Market Update

Asian equities opened lower, tracking Wall Street’s weakness as surging crude oil prices intensified inflation concerns and pushed Treasury yields higher. Oil remained above $101 a barrel, weighing on risk sentiment across the region. The MSCI Asia Pacific Index declined 0.4%, with markets in Japan, South Korea and Australia trading lower. Hang Seng futures fell 0.9%, Nikkei 225 futures declined 1.3%, while Japan’s Topix slipped 0.4%. The yen weakened 0.1% to 153.65 per dollar after gaining for three consecutive sessions.

Commodity Check

Brent crude remained near $101 a barrel as escalating Middle East tensions raised fears of deeper disruptions to oil supplies through the Strait of Hormuz. Brent surged 3.4% on Wednesday to close above $100 for the first time since July, while WTI traded above $96. Gold prices steadied as investors awaited US inflation data for further clues on the Federal Reserve’s interest-rate outlook. Spot gold was largely unchanged at $4,400.32 an ounce after gaining 1% in the previous session. Silver held near $67.29 after rising 2.4% previously, while platinum and palladium edged higher.

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