Stock market today: GIFT NIFTY futures indicate a positive start for Indian markets on March 21

Indian markets are also expected to continue the winning streak on Friday, primarily led by positive Asian markets and domestic cues. The GIFT NIFTY futures traded 47 points higher on Friday morning, indicating a gap-up opening for Indian markets. The US markets closed in red with marginal losses on Thursday as lower economic projections weighed high on sentiments. Further oil prices head for best weekly gain since January as sanctions on Iran and output cut by seven members of OPEC added supply concerns

Gold prices retreated from record-high levels after some profit booking emerged at higher levels. The dollar index hovered around 104 levels indicating a pause to correction from 110 levels.

US markets

The US markets closed in red with minor losses of 0.3% on key benchmarks like Dow Jones, S&P500 and NASDAQ. The sentiments soured as the Federal Reserve lowered economic projections for the US economy from 2.4% GDP growth to 1.7% and raised the inflation rate target above 2.5%, with an unemployment rate at 4.4% for 2025. Market participants worry the US could enter into a stagflation amid poor economic growth and steady inflation.

Asian markets

The Asian markets mixed with a positive bias as Japanese indices opened in green after the holiday. The Chinese and Hong Kong indices continued to remain in red on Friday morning. Peoples Bank of China held the interest rates steady for the fifth consecutive time after cutting them significantly in October last year.

Crude oil price

The crude oil prices are headed for the best weekly gains since January 2025. The oil prices are up 2.5% this week largely due to supply concerns weighing pressure on prices. The WTI crude oil prices gained nearly 2% overnight as sanctions on Iran, fresh attacks on Gaza by Israel and output cut by seven OPEC members added supply concerns.

FII and DII data

The foreign investors bought nearly ₹3,280 crore worth of Indian equities on Thursday making one of the highest buying in the last two months. Additionally, FIIs also reduced their short positions from 1.71 lakh contracts on Monday to 1.11 lakh contracts on Thursday, indicating a change in stance by the FIIs. On the other hand, DIIs continued to buy Indian equities.