Global Market Watch: Key Economic Indicators to Track in Today's Trading Session

Indian Equity Markets Expected to Open on a Negative Note

The Indian equity benchmarks, the BSE Sensex and Nifty 50, are likely to open on a negative note on April 9, tracking losses in GIFT Nifty, which was trading around the 23,902 level.

The Indian equity markets extended their rally for the fifth consecutive session on April 8, with the Nifty crossing the 24,000 mark intraday, amid easing global tensions after US President Donald Trump announced a two-week ceasefire with Iran, triggering a sharp fall in crude oil prices. This development led to a significant surge in the markets, with the Sensex closing at 77,562.90, a gain of 2,946.32 points or 3.95 percent, and the Nifty ending at 23,997.35, up 873.70 points or 3.78 percent. The Nifty Midcap and Smallcap indices added 4% each.

Market Performance

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Asian markets were trading mostly lower in the early trade on Thursday, with the Kospi index down 1.5 percent, while the Nikkei shed 0.5 percent. In contrast, US stocks closed sharply higher on Wednesday after a last-minute, two-week ceasefire agreement between the United States and Iran lifted investor sentiment. The Dow Jones Industrial Average rose 1,326.33 points, or 2.85%, to 47,910.79, the S&P 500 gained 165.98 points, or 2.51%, to 6,782.83, and the Nasdaq Composite gained 617.15 points, or 2.80%, to 22,635.

The dollar fell to its lowest in about 4 weeks after the US and Iran agreed to a two-week ceasefire. The yield on the U.S. 10-year Treasury and the 2-year U.S. Treasury were trading with marginal gains at 4.29% and 3.79%, respectively. Except for the Indonesian Rupiah and China Renminbi, all other currencies were trading lower in early trade on Thursday.

Crude oil prices rose on Thursday on investors' concerns that supply from the key Middle East producing region may not fully resume amid doubts that the two-week ceasefire between the U.S. and Iran will hold, and as the crucial Strait of Hormuz remains restricted. Gold steadied after a two-day gain as traders weighed the prospect of a diplomatic resolution to the Iran war, even as sporadic fighting threatened to derail a fragile ceasefire.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Foreign Institutional Investors (FIIs) continued their selling on April 8, albeit at a slower pace, offloading equities worth ₹2,811 crore, while Domestic Institutional Investors (DIIs) remained net buyers, purchasing equities worth nearly ₹4,168 crore.