Markets reel under global headwinds: Nifty closes around 23,600, Sensex ends down 800 points

“Geopolitical tensions in the Middle East continue to dampen global risk appetite, as fresh attacks on oil-shipping vessels have pushed crude prices closer to $100 per barrel, intensifying concerns over inflation and gas supply constraints. The market is witnessing broad-based consolidation, although selective buying has emerged in renewables and utility stocks,” said Vinod Nair, Head of Research at Geojit Investments.

Markets at 1 PM: Indian equity indices recovered a bit in the afternoon trade. The Nifty 50 was down 160 points or 0.67% to trade at 23,700, while the BSE Sensex was down 550 points or 0.74% at 76,290. The uptick was noticed soon after Reuters reported that Iran would allow Indian-flagged oil tankers to pass through the Strait of Hormuz. According to Reuters, nearly 40% of ​India’s crude imports pass through this strategic chokepoint. However, Reuters also reported that Iranian sources have denied any such assurance.

Reuters further stated that India’s foreign ministry and the Iranian embassy in New Delhi did not immediately ​respond to requests for comment. FinancialExpress.com could not verify the news independently.

Markets at open: The domestic equity markets opened Thursday’s trade on a lower note, slipping for the second straight day. The benchmarks opened 1% lower, each, as crude oil prices again trade near $100 a barrel. The Nifty 50 dropped 219 points or 0.92% to open at 23,648, while the BSE Sensex declined 802 points or 1.04% to open at 76,062.

Vipin Kumar, Assistant Vice President of Technical Research, said that sustained trading below 23,800 might drag it towards 23,400-23,200 levels in the near term. On the flip side, the 24,300-24,400 zone will act as an immediate resistance on the higher side. “Short-term volatility is going to stay for some time. Any de-escalation in the ongoing conflict will be a sentiment booster for equity markets across the globe.”

Markets ahead of opening: Crude oil prices continue to be the big focus globally. The prices have jumped 7% on reports of fresh attacks and supply disruption along the Strait of Hormuz. This has resulted in significant concerns across global markets. The GIFT Nifty is indicating a fall in early trade, while the Dow Futures tumbled 400 points. Asian markets also opened in the red.

Earlier on Wednesday, the NSE Nifty 50 closed the session 395 points or 1.63% lower at 23,867, while the BSE Sensex dropped 1,342 points or 1.72% to close at 76,864.

Key global and domestic cues to know on March 12, 2025

Crude oil

The crude oil prices spiked up once again. Nymex and Brent Crude rates went up as high as 7% on threats to tankers along the Strait of Hormuz still remain. Even the historic release of emergency reserves from the International Energy Agency (IEA) could not allay investor concerns. Fresh attacks on container vehicles along the Strait of Hormuz were a big concern for markets.

Overnight, West Texas Intermediate futures climbed more than 4% to settle at $87.25 per barrel and further surged by 6.62% on Thursday morning to trade at $93.14 a barrel. Brent crude gained about 4.8% to end the session at $91.98 per barrel and was up 7.35% at $98.77 today morning. On COMEX, crude prices surged 1.12% to $84.420 a barrel.

The International Energy Agency (IEA) is looking to release 400 million barrels of oil after the supply disruption due to the Iran conflict. This will be the largest such action in the organisation’s history. The IEA did not set out a timeline for when the stocks would hit the market.

Asian Markets

The Asian indices on Thursday morning opened on a lower note as volatile crude oil prices hit hard amid escalating West Asia conflict. Japan’s Nikkei 225 slid 1.6%, while the Topix lost 1.34%. South Korea’s Kospi declined 0.75%. Hong Kong’s Hang Seng index futures were at 25,756, compared with the index’s last close of 25,898.76.

Dow Futures slide; US markets end lower

The US equity markets closed on a lower note on Wednesday as investors weighed surging oil prices and rising tension across the Strait of Hormuz. The Dow Jones Industrial Average shed 289.24 points, or 0.61%, to close at 47,417.27. The S&P 500 inched down 0.08% to settle at 6,775.80, while the Nasdaq Composite ticked up 0.08% to end the session at 22,716.13. The Dow Futures fell 461 points, or nearly 1%. S&P 500 futures lost roughly 0.9%, while Nasdaq 100 futures also dropped 0.9%.

Gold rate today

The rate for 24-carat gold today is Rs 1,62,320 per 10 grams. The price of gold has fallen by almost 0.75% from yesterday. The 24 kt gold rate today in Delhi is Rs 1,62,040 per 10 grams. The 18-carat gold price today in India is Rs 1,21,740. The 24-carat gold rate in Dubai today is Rs 1,49,590. On COMEX, the precious metal was trading at a price of Rs 5,162.30 an ounce, falling 0.32%. 

Silver rate today

In India, the silver rate surged 2.81% at Rs 2.69 lakh per kilogram. On COMEX, Silver prices dropped 0.12% on Thursday to trade at $85.435 per troy ounce. Silver had surged to record highs in January as well amid geopolitical tensions and economic uncertainty, with heavy speculative buying pushing prices higher.

FII, DII data

Foreign institutional investors (FII) were the net sellers of shares worth Rs 6,267.31 crore. On the other hand, the Domestic institutional investors (DII) were the net buyers of shares worth Rs 4,965.53 crore on March 11, 2025, according to the provisional data available on the NSE.

US dollar 

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was up 0.12% at 99.40. The index evaluates the strength or weakness of the US dollar in comparison to major currencies. The basket contains currencies such as the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc. The rupee depreciated 0.24% to close at 92.04 to the dollar on March 11.