Markets Wrap – Thu, 16 Mar ‘23- Nifty, Sensex gain, rupee dips; Asia, US markets, Gold, Crude updates

Markets Wrap – Thu, 16 Mar ‘23: Nifty, Sensex gain, rupee dips; Asia, US markets, Gold, Crude updates

Domestic indices ended Thursday’s volatile session in positive territory, but despite multiple attempts, Nifty failed to settle above 17000. The top gainers on the Nifty 50 were BPCL, Hindustan Unilever Asian Paints, Nestle India and Titan while the losers were Hindalco, Tata Steel, IndusInd Bank, JSW Steel and HDFC Life. “With the turbulence at Credit Suisse and ahead of the ECB policy announcement, investors’ attention has switched to developments in the European market. Consistently unfavourable signs in global markets are encouraging investors to move to safe havens such as the dollar and gold, while FIIs are withdrawing funds from the domestic market in response to the Indian rupee’s depreciation. Though the SVB & Credit Suisse crisis has eased, the market lacks the confidence to hold positions on contagion fears,” said Vinod Nair, Head of Research at Geojit Financial Services.Asian Markets

Asian markets concluded Thursday’s session broadly in the red territory. Hong Kong’s Hang Seng tanked 1.72%, South Korea’s KOSPI dipped 0.08%, Japan’s Nikkei 225 fell 0.80% and China’s Shanghai Composite index sank 1.12%

US Markets

The US market ended the overnight session mostly in the red territory with Dow Jones Industrial Average falling 0.87%, S&P 500 dropping 0.70 while the tech-heavy Nasdaq rose marginally by 0.05%.

Rupee movement

The Indian rupee depreciated 0.16% to 82.73 against the US dollar at 3:55 PM (IST).

Gold, Silver

Gold futures for April delivery were down 173 points or 0.30% at Rs 58,163 at 3:55 PM (IST) while Silver futures on the multi-commodity exchange for May delivery were trading at Rs 67,400, up 101 pts or 0.15%.

Crude oil

WTI Crude futures for April delivery were up 0.83% at $68.20 while Brent Crude futures for April delivery were trading 1.02% higher at $74.44 at 3:55 PM (IST).