Stock market today: GIFT NIFTY futures indicate positive opening on March 13, led by positive global cues

GIFT NIFTY indicates a positive opening for Indian markets on Thursday, taking cues from positive global markets. The US markets closed higher on Wednesday, led by a rally in tech stocks. The market participants cheered softer than expected inflation data. The US CPI inflation stood at 2.8% vs 2.9% estimates, sighing relief to investors. The Asian markets too mirrored the rally in the US to open in green with gains of up to 1%.

Apart from positive global cues, Indian markets are also expected to respond to softer-than-expected headline inflation print. The Indian CPI inflation stood at 3.6% at 7-month low levels.

US markets

The NASDAQ and S&P500 snapped the two-day correction to close nearly 1% higher on Wednesday on a softer-than-expected inflation print. The Dow Jones closed in red amid intensifying tariff wars as the EU slapped retaliatory tariffs on US goods worth $28 billion. Canada also imposed tariffs on $20 billion worth of US goods effective Thursday. Despite, softer inflation data, the tariff and trade war anxiety is expected to keep investors on the edge with high volatility.

Asian markets

The Asian markets opened higher on Thursday taking cues from the rally in the US, except for Chinese indices which traded in red. The Japanese indices gained as much as 1% on Thursday morning, led by a rally in tech stocks in the US, followed by the Korean Kospi at 0.6%. The Hong Kong’s Hang Seng index traded in red with minor losses.

Crude oil

The Crude oil prices gained nearly 2% from the lows as trade war concerns weighed down on supply concerns. The WTI crude oil prices surged past $67 per barrel and Brent crude prices gained 1.3% to trade above $70 per barrel mark.

FII and DII data

The FIIs increased their short position in the derivatives market with 1.8 lakh contracts on the short side. In equity markets, FIIs sold equities worth ₹1651 crore and the DIIs bought equities worth nearly ₹2,000 crore on Wednesday.