Market Outlook

Indian Equity Benchmarks

The BSE Sensex and Nifty 50 are expected to see a mildly positive opening on March 20 as the GIFT Nifty trades higher at 23,156. This suggests a flat to positive opening for the Indian equity indices.

Previous Day's Performance

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The benchmark equity indices, Sensex and Nifty, tumbled sharply by more than 3% on Thursday, snapping a three-day rally. The Sensex tanked 2,496.89 points or 3.26% to settle at 74,207.24, while the Nifty tumbled 775.65 points or 3.26% to end at 23,002.15.

Global Market Trends

Asian equities advanced early on Friday following gains in US stocks and a decline in oil prices. The US equities recovered from session lows, with the S&P 500 declining 0.27% to end at 6,606.49 points, the Nasdaq declining 0.28% to 22,090.69 points, and the Dow Jones Industrial Average declining 0.44% to 46,021.43 points.

Currency and Commodities

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The dollar index was little changed against major currencies in early trade on Friday. Asian currencies were trading mostly lower, while the South Korean Won and Thai Baht slipped 3% each on a year-to-date basis. Crude prices fell as European nations and Japan offered to join efforts to secure safe passage for ships through the Strait of Hormuz. Gold and Silver prices traded higher, but gold is heading for its biggest weekly loss in six years.

Fund Flow

Foreign Institutional Investors (FIIs) extended their selling streak to the 15th consecutive session on March 19, offloading equities worth Rs 7,558.19 crore. Domestic Institutional Investors (DIIs) continued their buying momentum for the 17th straight day, purchasing equities worth Rs 3,863.96 crore.