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.

Read also: SpaceX Seeks Record $75 Billion IPO, Potentially Positioning Elon Musk as the World's First Trillionaire

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.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

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.