Stock Market Update: Nifty 50 Signals Positive Opening, HDFC Bank and Reliance Among Key Stocks to Watch
Indian Stock Market Report for March 20
The Indian stock market is expected to open higher on Friday, driven by short-covering after the previous session's steep losses and positive cues from the Gift Nifty index. Gift Nifty is trading at around 23,213, a premium of nearly 158 points from the Nifty futures' previous close, indicating a positive start for the benchmark indices, Nifty 50 and Sensex.
On the global front, Asian markets are trading mixed, while the US stock market ended lower overnight due to the US-Iran war, which has dented interest rate cut hopes amid inflation fears fueled by soaring crude oil prices. The US Federal Reserve's hawkish stance has also weighed on gold prices.
Gold Price Update
- Spot gold price rose 0.2% to $4,657.50 per ounce.
- US gold futures for April delivery rose 1.1% to $4,657.90.
- Gold prices have declined more than 7% so far this week.
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
Crude Oil Price Update
- Brent crude oil price declined 1.01% to $107.57 a barrel.
- US West Texas Intermediate (WTI) crude futures dropped 1.74% to $93.89.
Investor Takeaway
Investors should be prepared for a potentially positive opening in the Indian stock market, but keep an eye on global cues and inflation fears.
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