- Indian benchmarks opened higher, defying negative global market trends.
- Asian and US markets declined significantly over inflation concerns.
- Crude oil prices fell, while precious metals futures gained.
Indian equity benchmarks opened higher on Thursday, October 15, despite weak global cues, as investors assessed the outlook for US interest rates, falling technology stocks and movements in crude oil prices.
The BSE Sensex jumped almost 350 points and opened the session above 73,100, while the NSE Nifty50 climbed nearly 100 points and crossed 22,700, around 9:15 AM.
The positive start came even as GIFT Nifty signalled a decline and Asian markets witnessed sharp losses amid concerns over rising US inflation.
GIFT Nifty Signals Weak Opening For Dalal Street
The GIFT Nifty indicated a negative opening for domestic equities, with futures trading at 22,603.50, down 46 points. The signal reflected caution in global markets as investors reassessed inflation trends and the possibility of further interest rate hikes in the US.
At around 9:05 am, the Sensex was trading at 73,004.12, up 222.23 points, or 0.31 per cent. The Nifty stood at 22,677.80, gaining 57.10 points, or 0.25 per cent.
Despite the weak overseas backdrop, Indian benchmarks moved into positive territory during pre-open trade. Investors are likely to track global equity movements, energy prices and changes in expectations around US monetary policy for further direction.
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Asian Markets Slide As Inflation Concerns Hit Sentiment
Asian equities fell sharply in early trade on Thursday, tracking losses on Wall Street after US inflation data came in higher than expected.
South Korea’s Kospi led regional losses, plunging more than 7 per cent, while Japan’s Nikkei 225 declined nearly 5 per cent.
The sharp fall in technology shares and concerns that persistent inflation could prompt further US rate hikes weighed on investor sentiment across the region.
Wall Street Ends Lower; Nasdaq Falls 1.9%
US equity benchmarks closed lower in the previous session as investors reacted to inflation data and reassessed the outlook for interest rates.
The Dow Jones Industrial Average declined 0.09 per cent, while the S&P 500 fell 1.11 per cent. The Nasdaq Composite registered a sharper loss of 1.9 per cent, reflecting pressure on technology stocks.
The performance of global technology shares and expectations around the Federal Reserve’s next policy moves could influence sentiment towards Indian equities, particularly IT and other technology-linked stocks.
Brent Crude Falls Nearly 2%
Crude oil prices declined as the US considered easing restrictions on the shadow fleet amid rising shipping costs and continuing tensions around a key energy supply route in West Asia.
Brent crude futures for December delivery were quoted at $104.21 per barrel on the Intercontinental Exchange, down 1.73 per cent.
Lower crude prices could offer some relief to India, a major oil importer, by easing pressure on the import bill and inflation outlook. However, prices remain elevated, leaving investors attentive to geopolitical developments and potential supply disruptions.
Gold And Silver Futures Gain
Precious metals traded higher on Thursday, with gold and silver futures rising amid continued uncertainty over inflation and the US interest rate outlook.
Gold futures advanced 1.24 per cent, while silver futures gained 0.47 per cent.
Investors will continue to assess movements in the dollar, bond yields and expectations around Federal Reserve policy for cues on precious metal prices and broader market sentiment.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: abplive.com
