Markets Wrap – Wed, 15 Mar ‘23- Nifty, Sensex tumble, rupee falls; Asia, US markets, Gold, Crude updates

Markets Wrap – Wed, 15 Mar ‘23: Nifty, Sensex tumble, rupee falls; Asia, US markets, Gold, Crude updates

Domestic indices erased early gains and ended Wednesday’s volatile session deeply in red. The NSE Nifty 50 settled below 17000, and the banking stocks index, Bank Nifty, concluded below 39100. The top gainers on Nifty 50 were Adani Enterprises, Adani Ports, Asian Paints, Tata Steel and Titan while the losers were Bharti Airtel, IndusInd Bank, Reliance Industries Ltd, Hindustan Unilever and State Bank of India. “The in-line data showing a decline in US inflation provided a gap-up opening in context with the global relief rally, bringing confidence that the Fed would not opt for a harsh rate hike following the turmoil in the banking sector. Broader rate hike expectation has reduced from 50bps to 25bps and there are possibilities that the Fed may even consider not to hike in the March policy meeting. Domestic gains were short-lived, as European markets fell on fears that the ECB would raise interest rates by at least 25 bps at its meeting on Thursday, high interest rate is the worry of the stock market,” said Vinod Nair, Head of Research at Geojit Financial Services.Asian Markets

Asian markets concluded Wednesday’s session broadly in the green territory. Hong Kong’s Hang Seng rose 1.52%, South Korea’s KOSPI climbed 1.31%, Japan’s Nikkei 225 rose 0.03% and China’s Shanghai Composite index advanced 0.55%

US Markets

The US market ended the overnight session in the green territory with Dow Jones Industrial Average rising 1.06%, S&P 500 surging 1.65% and the tech-heavy Nasdaq soaring 2.14%.

Rupee movement

The Indian rupee depreciated 0.14% to 82.6 against the US dollar at 3:55 PM (IST).

Gold, Silver

Gold futures for April delivery were up 158 points or 0.27% at Rs 57,641 at 3:55 PM (IST) while Silver futures on the multi-commodity exchange for May delivery were trading at Rs 67,032, up 76 pts or 0.11%.

Crude oil

WTI Crude futures for April delivery were up 0.25% at $71.51 while Brent Crude futures for April delivery were trading 0.17% higher at $77.58 at 3:55 PM (IST).