Global Markets: Key Cues to Monitor in Today's Trading Session

Indian Equity Markets: Negative Opening Expected on March 23

The Indian equity benchmarks, the BSE Sensex and Nifty 50, are likely to open on a negative note on March 23, tracking losses in GIFT Nifty, which traded lower at 22,822.50.

Key Market Performance

On March 20, the Indian equity indices staged a strong rebound, supported by broad-based buying across sectors. At close, the Sensex was up 325.72 points or 0.44% at 74,532.96, and the Nifty was up 112.35 points or 0.49% at 23,114.50.

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Global Market Trends

Asian equities slid on Monday, while US bond yields hit eight-month peaks as the United States and Iran traded escalating threats and Israel planned for "weeks" more fighting, sending oil prices on another roller-coaster ride. The S&P 500 declined 1.51% to end the session at 6,506.48 points, its lowest since September. The Nasdaq slumped 2.01% to 21,647.61 points, leaving it down almost 10% from its record high close on October 29.

Currency and Commodity Markets

The dollar was poised for a rebound on Monday as retaliatory threats escalated in the Middle East crisis, damping risk sentiment and boosting demand for haven assets. The US Treasury 10-year yield and 2-year US Treasuries yield were up marginally at 4.38% and 3.90%, respectively. Asian currencies, except the Indonesian Rupiah, were trading lower in the early Monday trade, with the Philippines Peso leading the losers. Oil prices were again choppy, with Brent down 0.2% at $111.90 a barrel, but still up 55% on the month so far. Gold fell sharply and was close to wiping out this year's gains.

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Fund Flow Update

Foreign Institutional Investors (FIIs) continued their selling on March 20, offloading equities worth Rs 5,518 crore. However, Domestic Institutional Investors (DIIs) bought equities worth Rs 5,706 crore.