India Market Recap

Indian equity benchmarks extended their gains on Wednesday, with the Nifty 50 rising 117.80 points, or 0.50%, to 23,446.80, while the Sensex advanced 297.68 points, or 0.40%, to 74,826.76. Both indices settled above their provisional closing levels, indicating improved buying interest. On the technical front, Nifty support is placed at 23,300–23,200, while resistance is seen at 23,500–23,600.

US Market Recap

US equities declined alongside bonds as a renewed rise in crude oil prices intensified inflation concerns, while stronger-than-expected US economic data reinforced expectations of higher interest rates. The S&P 500 fell 0.8%, retreating from near-record levels, while the Nasdaq 100 declined 0.9% and the Dow Jones Industrial Average slipped 0.7%. Treasury yields also moved sharply higher after a weak $70 billion auction of five-year notes, with yields across maturities approaching their highest levels in nearly two decades. The US dollar strengthened against major currencies.

Asian Market Update

Asian bonds came under pressure on Thursday, tracking the selloff in US Treasuries as higher oil prices and stronger US economic data raised concerns over inflation and further interest-rate hikes. Asian equities slipped around 0.3%, while Japanese stocks edged higher as markets in Tokyo reopened following a three-day holiday. Chinese markets remained in focus after the US and China extended their trade truce by two months. Japanese equities are also positioned to catch up with the recent global AI-led rally, while a weaker yen continues to keep currency-intervention risks in focus.

Commodity Check

Gold remained under pressure as rising energy prices and stronger US economic data increased expectations that the Federal Reserve could raise interest rates again to contain inflation. Spot gold was largely steady at $4,290.29 an ounce after falling 1.7% in the previous session. Silver declined 0.2% to $64.31 after sliding 4% previously, while platinum and palladium also edged lower. Copper retreated from near-record levels as higher oil prices and stronger US economic activity raised concerns over interest rates. LME three-month copper fell 0.9% to $14,618 a tonne, marking its first daily decline since September 14. Aluminium and zinc also edged lower. Crude oil prices steadied after a sharp rise amid renewed US-Iran tensions. Brent crude remained below $103 a barrel after climbing nearly 4% in the previous session, while WTI traded near $92. Investors continued to monitor diplomatic developments and their potential impact on regional energy supplies.

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