Global Markets to Watch: Key Economic Indicators and Cues for Today's Trading Session

Indian Equity Benchmarks Poised for Positive Start

Indian equity benchmarks, the BSE Sensex and Nifty 50, are expected to open on a positive note on April 20, following cues from GIFT Nifty, which is trading higher at around 24,461.

The Indian benchmark indices had recouped the previous session's losses and ended higher on April 17 with the Nifty above 24,300, supported by positive geopolitical developments. At close, the Sensex was up 504.86 points or 0.65 percent at 78,493.54, and the Nifty was up 156.80 points or 0.65 percent at 24,353.55.

Global Market Update

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The global market has also been witnessing a positive trend. GIFT Nifty was trading at around 24,461, indicating a flat to positive start for the Indian equity markets. Asian markets were trading higher in the early Monday trade, amid developments in the Middle East amid renewed tensions between Iran and the US.

In the US, the benchmark S&P 500 and the tech-heavy Nasdaq each rallied to their third record close in a row on Friday, while the blue-chip Dow marked its highest finish since late February. The technology-heavy Nasdaq Composite gained 365.78 points, or 1.52%, to 24,468.48, marking its longest winning streak since 1992.

The dollar headed for its highest level in a week at the start of Asian trading on Monday as renewed tensions in the Middle East sent investors scurrying for safe havens. The yield on benchmark 10-year Treasury and 2-year Treasury was up 2 basis points each at 4.27% and 3.72%, respectively.

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

Asian currencies traded on a mixed note in early dealings, with Indonesian Rupiah, South Korean Won, Japanese Yen, Thai Baht, and Singapore Dollar were seen trading lower against the US dollar, while Taiwan Dollar, Chinese Renminbi, and Malaysian Ringgit posted marginal gains.

Commodity Prices

Oil prices rebounded more than 6% on Monday after tumbling more than 9% on Friday on news the Strait of Hormuz is closed again after both the U.S. and Iran said the other party had violated their ceasefire deal by attacking ships over the weekend. Gold fell after vessels came under fire in the Strait of Hormuz at the weekend, renewing fears of energy-supply disruptions that have stoked inflation concerns during more than seven weeks of war in the Middle East.

Market Flow

Foreign Institutional Investors (FIIs) extended their buying streak for the third consecutive session on April 17, purchasing equities worth ₹683 crore, while Domestic Institutional Investors (DIIs) remained net sellers for the third straight day, offloading equities worth over ₹4,721 crore.