Gift Nifty Today: Sensex and Nifty Likely to Open Higher as Global Markets Rally and Crude Oil Slides

The benchmark Indian equity indices, Sensex and Nifty 50, are expected to open on a strong note on Tuesday, supported by positive global cues and a sharp decline in crude oil prices. 

Investor sentiment improved after crude oil prices fell significantly below the $90 per barrel level following a coordinated move by G7 countries to release emergency oil reserves in an effort to stabilise global energy markets. 

On Monday, domestic markets had ended the session sharply lower amid heightened volatility and global uncertainty. The NSE Nifty 50 declined 422 points, or 1.73%, to close at 24,028, while the BSE Sensex dropped 1,353 points, or 1.71%, to settle at 77,566. 

GIFT Nifty Signals Strong Start 

GIFT Nifty was trading near the 24,416 level on Tuesday morning, gaining 401 points or 1.67% from the previous session. The index touched a high of 24,432 and a low of 23,903 after opening at 24,121.5, indicating a likely gap-up opening for the Indian stock market. 

Crude Oil Prices Drop Sharply 

Crude oil prices declined steeply in international markets after G7 countries, led by the United States, announced the release of emergency oil reserves to cool down prices that had recently surged above $100 per barrel. 

WTI crude was trading at $86.18, down 9.07%, while Brent crude slipped 9.43% to $89.73 per barrel. On COMEX, crude oil prices fell 9.22% to $86.03 per barrel, easing inflation concerns and supporting risk sentiment in global markets. 

Asian Markets Surge 

Asian equities opened strongly on Tuesday, tracking the sharp fall in crude oil prices and improved global sentiment. 

South Korea’s Kospi led the gains, rising more than 5% at the open, while the small-cap Kosdaq index advanced over 4%. Japan’s Nikkei 225 climbed 1.66%, and the Topix index gained 1.3%. Hong Kong’s Hang Seng index futures were trading near 25,370 compared with the previous close of 25,408.46. 

US Markets End Higher 

Wall Street indices finished Monday’s session on a positive note after US President Donald Trump signalled that the ongoing Iran conflict could be approaching a resolution. 

The S&P 500 rose 0.83% to close at 6,795.99. The Dow Jones Industrial Average added 239.25 points, or 0.5%, to settle at 47,740.80, while the Nasdaq Composite gained 1.38% to end at 22,695.95. 

Gold Prices Ease 

The price of 24-carat gold in India stood at ₹1,60,710 per 10 grams on Tuesday, reflecting a decline of about 0.79% compared with the previous day. In Delhi, 24-carat gold was priced at ₹1,60,430 per 10 grams, while 18-carat gold was trading at ₹1,20,532.5. 

On COMEX, gold prices were trading at ₹5,142.90 per ounce, up 0.77% in early trade. 

Silver Prices Show Mixed Trend

Silver prices in India declined 0.35% to ₹2.67 lakh per kilogram. Meanwhile, COMEX silver prices surged nearly 3% to $87.035 per troy ounce. 

Silver had earlier touched record highs in January amid geopolitical tensions, economic uncertainty, and heavy speculative buying, particularly from China. 

FII and DII Activity 

Foreign Institutional Investors (FIIs) remained net sellers in the Indian market, offloading shares worth ₹6,345.57 crore on March 9, according to provisional data from the NSE. 

Domestic Institutional Investors (DIIs), however, provided support to the market as they purchased equities worth ₹9,013.80 crore during the session. 

US Dollar and Rupee Movement 

The US Dollar Index (DXY), which measures the strength of the dollar against a basket of six major currencies, was marginally higher at 98.76. 

Meanwhile, the Indian rupee depreciated 0.63% to close at 92.34 against the US dollar on March 9. 

Sectoral Performance in Previous Session 

Among sectoral indices, PSU bank stocks were the worst performers in Monday’s session, declining 4.2% in terms of market capitalisation. Cement, automobile, and plastic sector stocks also witnessed selling pressure. 

On the other hand, sugar sector stocks managed to remain resilient and recorded the highest gains, rising 0.51% during the session. 

Conclusion 

Overall, strong global cues, a sharp decline in crude oil prices, and a rally in Asian markets are signalling a positive start for Indian equity markets on Tuesday. With GIFT Nifty trading significantly higher in early trade, the Sensex and Nifty 50 are likely to open on a firm note. However, investors may continue to monitor global developments, crude oil movements, and institutional fund flows for further direction throughout the trading session. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks. Read all related documents carefully before investing.