Global Markets Recover Following US-Iran Conflict Update

Key Figures:

• 78,375.73: Opening value of Sensex on March 10
• 1%: Gain in Sensex on March 10
• 24,280.80: Opening value of Nifty 50 on March 10
• 1%: Gain in Nifty 50 on March 10
• $119: Peak crude oil price on March 9
• $84: Low crude oil price on March 9
• $90: Brent crude futures price on March 10
• 20%: Global oil supply handled by the Strait of Hormuz

Market Updates

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The Indian equity benchmark indices, Sensex and Nifty 50, traded higher on March 10, following gains in global markets after US President Donald Trump indicated that the ongoing conflict between the United States and Iran may be approaching a resolution. The Sensex opened at 78,375.73, a gain of 809.57 points or 1%, while the Nifty 50 rose to 24,280.80, a gain of 252.75 points or 1%.

The broader markets outperformed the benchmark indices, with the Nifty Auto leading the gains followed by banks, financial services, realty, and pharma indices. The anticipated rebound comes after a sharp sell-off in the previous session, where domestic equities ended significantly lower due to escalating tensions in the US-Iran conflict and a sharp spike in crude oil prices.

Global Market Reaction

Crude oil prices plunged, while global equities rallied on March 10 after US President Donald Trump suggested that the US-Israel conflict with Iran could end sooner than initially expected. The comments came as the crisis in the oil-rich Middle East entered its second week. Brent crude futures dropped up to 10% to below $90 per barrel, helping calm global markets.

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

Equities across Asia rebounded strongly, with the MSCI's Asia-Pacific index excluding Japan rising 2.6%, recovering some losses recorded since the conflict began. Japan's Nikkei 225 jumped 3.6%, while South Korea's Kospi surged 6.4%. Other Asian markets also posted gains, including Hong Kong, Shanghai, Sydney, Singapore, Wellington, Taipei, Manila, and Jakarta.