India Market Recap

Indian equity benchmarks ended largely flat on Thursday, with gains in Pharma, Realty and Auto stocks offsetting weakness in Metal and Banking shares. Investor activity was also supported by heightened primary-market activity, with IPOs keeping market participants engaged, while the weekly expiry of Sensex contracts added to trading volumes. The Nifty 50 gained 0.23% to close at 23,270.60, while the BSE Sensex edged down 0.03% to 74,314.59. On the technical front, Nifty support is placed at 23,120–23,200, while resistance is seen at 23,350–23,400.

US Market Recap

US equities rallied alongside bonds as falling crude oil prices eased inflation concerns following the Federal Reserve’s rate hike. The S&P 500 posted its strongest gain in six weeks, rising 1.1%, while the Nasdaq 100 advanced 1.7%. The Dow Jones Industrial Average gained 0.6%. The decline in energy prices helped improve sentiment as investors assessed the outlook for inflation and interest rates after the Fed’s first rate hike since 2023.

Asian Market Update

Asian equities and bonds followed Wall Street higher as easing crude oil prices reduced concerns over inflation. The MSCI Asia-Pacific Index gained 0.3%, led by South Korea’s Kospi. Japan’s Topix remained largely flat as investors awaited the Bank of Japan’s policy decision, with markets widely expecting a rate hike. Hang Seng futures gained 0.4%, while broader regional sentiment remained supported by the strong overnight rally in US equities.

Commodity Check

Gold prices held onto their recent gains following a volatile week as lower oil prices helped ease inflation concerns. Bullion traded around $4,350 an ounce after rising nearly 2% on Thursday, recovering most of the losses from the previous three sessions and moving back above its 100-day moving average. Spot gold gained 0.2% to $4,351.96 an ounce, while silver rose 0.4% to $65.51. Platinum and palladium also edged higher. Crude oil declined for a third consecutive session as supply concerns eased and investors awaited further diplomatic developments surrounding the US-Iran conflict. Brent crude fell below $104 a barrel after losing more than 3% over the previous two sessions, while WTI traded near $101. Saudi Arabia is working to restore its damaged East-West pipeline, with around half of its capacity expected to return within days, while some tankers continue to navigate the Strait of Hormuz.

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