FIIs turn net buyers, GIFT NIFTY futures trade 60 points higher and more; here's all you need to know before opening bell on March 19

Indian markets are expected to continue strong momentum today as GIFT NIFTY futures traded 63 points higher on Wednesday morning. The global market cues remained mixed with US markets closing in red and Asian markets opening in red, except for Japan. The dollar index also hit a 6-month low at 103.2, as recession fears eroded the demand for the US dollar as a safe haven. On the contrary, the gold prices jumped 1.12% to hit a new record high level of $3,029 per ounce on Tuesday and continued to hold the gains on Wednesday morning.

US markets

Wall Street snapped a two-day rally to close 1% lower on Tuesday as a tech sell-off intensified the losses. Market participants remained cautious ahead of Federal Reserve’s policy decision scheduled to be released today. Consensus estimates of experts suggest unchanged policy rates and commentary on recession and inflation will remain key trigger for the US markets going forward.

Asian markets

The Asian markets opened mixed on Wednesday morning as Japanese markets traded in green with over 200 points gain and Chinese and Hong Kong indices opened in red with moderate losses. Bank of Japan is set to announce its policy decision today and experts predict the rates are expected to remain unchanged.

Crude oil

The crude oil prices failed to hold off gains on Tuesday as the prices traded near to six-month low mark as President Putin agreed to halt attacks on energy sites, boosting the supply in the oil market. In addition, the OPEC+ pack is also expected to increase the supply from next month, adding downward pressure on oil prices. The WTI crude oil prices fell 1% to $66.8 per barrel and Brent crude oil prices hovered near $70 per barrel.

FII and DII data

Foreign Institutional investors turned net buyers on Tuesday for the first time in March after relentless selling for the first 15 trading sessions. The FIIs bought equities over ₹1450 crore and DIIs too added ₹2,534 crore. In the derivatives market, the FIIs reduced their short position significantly from 1.71 lakh contracts to 1.41 lakh contracts adding bullish momentum to the Indian markets.