Indian Stock Market and Global Market Update

Key Figures:

• Sensex: -1.72% (76,863.71)
• Nifty 50: -1.63% (23,866.85)
• Gift Nifty: -120 points (23,819)
• Brent Crude Futures: +7.13% ($98.5 per barrel)
• US West Texas Intermediate (WTI) Crude: +7.1% ($93.43 per barrel)
• Gold Price: -0.39% ($5,159 per ounce)
• Silver Price: +0.12% ($85.65 per ounce)

Market Overview

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The Indian stock market is expected to open lower on Thursday, tracking weak global cues. The benchmark indices, the Sensex and Nifty 50, are likely to face a tough start due to the sharp rise in crude oil prices, which has heightened inflation concerns. The Gift Nifty is trading at 23,819, indicating a discount of nearly 120 points compared to the previous close of Nifty futures.

Global Market Update

Asian markets traded lower on Thursday, following overnight losses on Wall Street, amid surging crude oil prices and escalating US-Iran war tensions. Japan's Nikkei 225 declined 1.6%, while the Topix fell 1.34%. South Korea's Kospi dropped 0.75%.

Crude Oil Update

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Crude oil prices surged as much as 8.2% after Iraqi security officials said Iranian explosive-laden boats struck two fuel-oil tankers, amid broader supply disruptions stemming from the U.S.-Israeli conflict with Iran. Brent crude futures climbed $6.5, or 7.13%, to $98.5 per barrel at 0200 GMT, while US West Texas Intermediate (WTI) crude rose $6.1, or 7.1%, to $93.43 per barrel.

Gold and Silver Update

Gold prices were trading marginally lower on Thursday, while the silver rate edged higher after the release of monthly US inflation data dampened expectations of interest rate cuts by the Federal Reserve, even as the conflict in the Middle East continues. Spot gold rate today fell 0.39% to $5,159 per ounce, slipping below the $5,200 level. Meanwhile, spot silver was trading 0.12% higher at $85.65 per ounce during Asian trading hours on Thursday.