Stock market today: GIFT NIFTY futures indicate gap up opening for Indian markets on March 18 led by positive global markets

Indian markets are set to open positive on Tuesday taking cues from buoyant global markets. The GIFT NIFTY futures traded 127 points higher at 7:15 am on Tuesday, indicating a gap-up opening for Indian markets. The US markets closed in green ahead of the Federal Reserve’s policy decision on Wednesday. The Asian markets too opened higher on Tuesday morning, taking cues from the overnight rally in US stock markets.

The gold prices opened at record high levels of $3,004 an ounce on Tuesday morning, ahead of the Federal Reserve’s policy decision, which is widely expected to remain unchanged.

US Markets

The US markets climbed nearly 4% from the recent lows on softer-than-expected inflation data and higher sales data gave some respite to recession fears. The Dow Jones and S&P 500 closed 0.85% and 0.64% higher and NASDAQ closed 0.31% higher on Wednesday.

Asian markets

Taking cues from buoyant Wall Street gains, the Japanese, Chinese and Hong Kong indices opened with gains of up to 2% on Tuesday morning. The Japanese indices jumped 1.5% ahead of the monetary policy decision this week, which is expected to maintain the status quo.

Crude oil

The crude oil prices continued to edge higher on Monday as WTI crude oil prices gained nearly 0.5% on Monday. The Brent Crude oil prices too rebounded 0.4% on Monday and opened 0.5% higher on Tuesday morning at $70.8 per barrel.

FII and DII

The foreign institutional investors continued to sell Indian equities and DIIs continued to add on to Indian equities. The FIIs sold nearly ₹4,488 crore and DIIs bought equities worth ₹6,000 crore on Monday. However, the FIIs reduced their short position in the derivatives market from 1.8 lakhs to 1.71 lakhs on Monday, easing some of the short built up in the markets.