Sensex Today: GIFT Nifty signalled a strong start for domestic markets, indicating that the Nifty50 may open higher after US President Donald Trump reiterated that discussions to end the Middle East conflict are underway. The futures were quoted at 23,160.50, up 232 points or 1%.
Global Cues
Asian markets rallied in early trade on Wednesday, tracking the positive sentiment. Indices in Japan, South Korea, China and Australia moved higher after Trump’s remarks raised hopes of a possible de-escalation in the region. Japan’s Nikkei 225 and South Korea’s Kospi were up 2.9% and 3.05%, respectively.
Overnight, US markets ended on a mixed note. The S&P 500 and Dow Jones Industrial Average closed marginally lower by 0.37% and 0.18%, respectively, while the Nasdaq Composite declined 0.84%.
Crude oil prices fell sharply after The New York Times reported that the US had sent a 15-point proposal to Iran via Pakistan aimed at ending the conflict. Trump also indicated that Tehran was willing to move towards a peace agreement.
In recent weeks, the US-Iran conflict has led to sharp volatility in energy prices, fuelling concerns around global growth and inflation.
Brent crude for the March contract was trading 6.12% lower at $98.09 per barrel on the Intercontinental Exchange.
However, Iran maintained that no formal talks are currently underway with the US, adding a note of caution to the optimism.
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