O͏il Slips B͏elow $100 as͏ Tr͏ump Signals End ͏to Iran Wa͏r, Global Marke͏ts Rally

M͏umba͏i, March͏ 10: Crud͏e oil͏ prices retre͏ate͏d be͏lo͏w the $1͏00 per bar͏rel mark on Tuesda͏y after to͏uching their high͏est͏ level in ͏over͏ three years,͏ follow͏ing US Pre͏s͏ident Donald Trump’s indi͏cation͏ that the Middle East conflict could soon conclu͏de. ͏The ͏de͏velopment eased conc͏erns about prolong͏e͏d disruptions to global o͏il supplies, triggerin͏g a͏ broad͏-bas͏ed ral͏ly across global financial ͏mark͏ets.

Trump͏-Putin T͏a͏lk͏s and G7 Rese͏rve Plans Pull WTI Bac͏k From $120 Peak

Ru͏ssian President Vladimir Putin held a telephonic c͏o͏nversatio͏n with President͏ Trump, ͏dur͏ing which proposals for a swift resolution͏ to the ͏Iran war we͏re discussed, sign͏ificantly reducing ma͏rket anxiety ov͏er extended͏ sup͏ply outages from th͏e o͏il-rich region.

Fu͏rther calming ener͏gy m͏a͏rkets, G7 fin͏ance ministers announced͏ their readiness ͏to͏ release crude from strateg͏ic reserves if necessary, wh͏ile͏ Presid͏ent Trum͏p ͏signalled plans to waive certain oil-re͏lated sanctions ͏an͏d d͏epl͏oy t͏he US Navy to͏ escort ͏tankers through the ͏Strait of Hormuz.

These measures collectively pulled WTI Crude back below $100 after it had initially surged nearly 29% to around $120 on Monday as disruptions in the Strait of Hormuz forced several major Middle Eastern producers—including Saudi Arabia, the UAE, Kuwait, and Iraq—to curb output.

Nasdaq Jumps 308 Points in Late Trading After 1.5% Intraday Plunge

US stock indices mounted a dramatic turnaround in the final hour of trading, closing near session highs. The Nasdaq surged 308 points or 1.4% to 22,695, while the S&P 500 advanced 55 points or 0.8% to 6,795. The Dow Jones Industrial Average climbed 239 points or 0.5% to 47,740, recovering from a steep 1.9% intraday decline.

Earlier in the session, all three major indices had slumped as much as 1.5%, touching their worst intraday levels in over three months. The Philadelphia Semiconductor Index led the recovery, spiking 3.9% after tumbling 2% to a two-month low earlier in the day.

Nifty Recovers 300 Points from 23,697 Low but Ends Down 1.73% at 24,028

Indian equity benchmarks extended their losing streak, with the Nifty closing lower by 412 points or 1.73% at 24,028 —its lowest close in 10 months. The index had gapped down over 580 points in early trade on weak global cues before staging a recovery of more than 300 points from the day’s low of 23,697 to end near its daily high.

The Sensex dropped 1,352.7 points or 1.71% to 77,566, with selling pressure across sectors. The broader market also witnessed sharp declines, with the Midcap index falling 1.97% and the Small Cap index shedding 2.22%. The Nifty has now lost nearly 2,000 points from its recent swing high in just three weeks.

Asian Markets Trade Higher as Easing Inflation Concerns Boost Sentiment

Asian equity markets traded higher on Tuesday, tracking the overnight rally on Wall Street. The positive momentum followed the decline in crude oil prices after President Trump’s comments, which eased inflation fears that had weighed on global sentiment.

Hang Seng traded at 25,408, down 1.35% from previous close, while Nikkei stood at 54,265, lower by 2.44%. Futures indicated a positive opening for Indian markets, with IFSC Nifty futures gaining 1.32%, though analysts expect stiff resistance in the 24,300–24,400 band.

ICICI Bank and TVS Motor Lead Nifty Losers as Wipro and Reliance Top Gainers

ICICI Bank emerged as the top negative contributor to the Nifty, dragging the index down by 60.4 points, while HDFC Bank followed closely with a negative contribution of 60.14 points. TVS Motor Company plunged 5.35% to ₹332, emerging as the top percentage loser in the Nifty50 with volumes exceeding 1.72 crore shares.

UltraTech Cement tumbled 5.08% to ₹11,378, while Eicher Motors dropped 4.65% to ₹7,266. On the gaining side, Wipro advanced 1.71% to ₹198.8 with robust trading volume of over 2.58 crore shares, becoming the top gainer. Reliance Industries gained 1.37% to ₹1,424 on 2.48 crore shares, supported by its Russian oil procurement and the acquisition of Himalayan beauty brand Pahadi Local. Apollo Hospitals advanced 0.71% to ₹7,779, while Sun Pharmaceutical Industries rose 0.44% to ₹1,807.4.

FIIs Build ₹3,073 Crore Short Positions in Index Futures Segment

Foreign Institutional Investors intensified bearish bets in the derivatives segment, net selling ₹3,073 crore in Index Futures on Monday. Their open interest in the segment increased by 22,583 contracts, indicating fresh short build-up.

Nifty Futures saw net selling of ₹2,994 crore, while Bank Nifty Futures recorded outflows of ₹145 crore. In the Index Options segment, FIIs were net sellers to the tune of ₹6,941 crore. However, they turned buyers in Stock Futures, acquiring ₹2,018 crore worth of positions, suggesting selective stock-specific interest despite broader bearishness.

Power Grid, Reliance, ABB and IRFC Lead Corporate Action With Major Fundraises

Power Grid Corporation of India approved raising funds of up to ₹5,000 crore from Union Bank of India and sanctioned ₹233.96 crore for a Centralized Security Operations Center. The board also granted in-principle approval for divesting its entire equity stake in Central Transmission Utility of India Limited to Grid Controller of India Limited, while entering into a strategic alliance with Africa50 and Uganda Development Bank for a transmission project in Uganda.

Reliance Industries secured millions of barrels of Russian Urals oil for March delivery and acquired Himalayan beauty brand Pahadi Local through Reliance Retail. ABB India announced a fresh investment of approximately $75 million during 2026 to expand manufacturing and R&D capabilities, following its $35 million investment in 2025. Indian Railway Finance Corporation will raise up to ₹70,000 crore through bonds and external commercial borrowings for railway funding and diversification into power and renewables.

Rupee Weakens to 92.33 Against Dollar as Oil Importers Buy Greenback

The Indian rupee weakened to 92.33 against the US dollar, down 0.63% from the previous close of 91.75. The depreciation came as oil marketing companies rushed to buy dollars for crude imports, while foreign portfolio outflows from domestic equities added to the pressure on the local currency. The euro gained marginally to 1.1636 against the dollar, up 0.15%. The strength in the dollar added pressure on commodities priced in the greenback, particularly precious metals, with the Dollar Index edging higher by 0.19% to 99.175.

Gold Dips to $5,138 as MCX Volumes Shrink 26% and RSI Holds at 52.9

COMEX Gold fell 0.64% to $5,138.53 per ounce, extending last week’s decline as rising crude oil prices revived inflation concerns that may delay US Federal Reserve rate cuts. The Dollar Index edged higher by 0.19% to 99.175, creating headwinds for precious metals. Investment demand remained soft with investors reducing exposure through exchange-traded funds. On MCX, Gold futures for April expiry declined 0.83% to ₹1,60,299 per 10 grams, with trading volume dropping sharply by 26% to 5,348 contracts. MCX Silver slipped 0.42% to ₹2,67,160 per kilogram, with trading volume plummeting 30% to 4,762 contracts. Technical indicators for MCX Gold showed RSI at 52.9, suggesting neutral momentum, with trading range of ₹1,59,525 to ₹1,64,900.

Copper Rebounds 0.72% as Crude Oil RSI Hits 89.6 in Overbought Territory

LME Copper gained 0.72% to $12,954 per tonne on Monday as the dollar retreated and Chinese fabricators engaged in dip-buying. LME Zinc advanced 0.92% to $3,328.50, while LME Aluminium declined 1.76% to $3,385.50 and LME Lead slipped 0.84% to $1,936.50. On MCX, Copper futures for March expiry declined 0.31% to ₹1,193.50 per kilogram, with open interest falling 1% to 15,932 contracts and trading volume dropping 9% to 5,827 contracts. MCX Zinc gained 0.42% to ₹325.20, with open interest declining 7% to 3,745 contracts.

MCX Crude Oil futures gained 5.08% to ₹8,788 per barrel, touching a high of ₹10,549 before paring gains, with open interest declining 3% to 17,352 contracts suggesting profit booking. Crude Oil recorded an RSI of 89.6, firmly in overbought territory. MCX Natural Gas declined 1.76% to ₹290.4, with open interest jumping 11% to 20,050 contracts indicating fresh short positions, while trading volume surged 25% to 1.63 lakh contracts.