Stock market today: GIFT NIFTY indicates weak opening for markets on March 11 amid global market selloff

GIFT NIFTY futures traded 113 points lower on Tuesday morning indicating a gap-down opening for Indian markets on Tuesday. The sharp fall in the US markets amid fears of recession has spooked investors across the globe. The Asian markets too traded lower by almost 2% across the board. Donald Trump said the economy will be going through a transition phase, by not ruling out recession.

The US 10Y fell below 4.3% and the dollar index fell below 104 levels, indicating weakness in the US economy. The gold prices were held steady at $2,900 per ounce level.

US Markets

The US markets witnessed one of the worst falls since 2022 as the Magnificent 7 stocks led to a sharp fall in the US markets on recession fears. The NASDAQ closed 3.8% lower, followed by Dow Jones and S&P500 at 2.8%. Key stocks like Tesla, Nvidia, and Plantir, closed up to 15% lower on Monday amid a broader sell-off in the US markets.

Asian Markets

The Asian markets followed the cues of US markets as they opened nearly 1.1% lower on Tuesday morning. The recession fears led by the US government’s spending cuts, and tariff wars led to a sharp fall overnight. The Japanese, Hong Kong and Korean indices fell the most.

Crude oil prices

The crude oil prices traded lower as recession fears clouded over energy demand in the US. The WTI crude oil prices fell below $65 per barrel for the first time in the last six months. The Brent crude oil prices traded below $70 per barrel mark

FII and DII data

The foreign institutional investors have reduced their selling volume in March as compared to February and January. The FIIs sold ₹485 crore worth of Indian equities. However, continue to maintain their short position in the derivatives market with 1.79 lakh contracts on the short side. On the other hand, DIIs bought equities worth ₹263 crore.