Stock Market Today: SGX Nifty futures drop by 150 points, Sensex and Nifty50 likely to open sharply lower

Stock Market Today: In the wake of a crash overnight on Wall Street, where the Dow Jones hit a four-month low pulled by banking stocks, the Indian equity benchmarks Sensex and Nifty50 are likely to make a gap-down start on March 10, 2023, the final trading day of the trading week. Before the opening bell in the Indian stock market, Singapore Exchange (SGX) Nifty futures, a leading indicator of the Nifty50 index, dropped as much as 160 points or 0.9 percent to 17,458. Investors around the world are once again worried about a recession as interest rates continue to rise.

India's February fuel demand hits at least 24 year high

According to data released on Thursday, India's fuel demand increased in February to its highest level in at least 24 years as cheap Russian oil boosted industrial activity in Asia's third largest economy.

Fuel use, a proxy for oil demand, increased by more than 5% to 4.82 million barrels per day (18.5 million tonnes) in February, marking the period's 15th consecutive month of growth, according to data.

Since data collection began in 1998 by the Petroleum Planning and Analysis Cell (PPAC) of the Indian Oil Ministry, demand was at its peak.

Stock Market Today: Gold climbs 1 percent as US jobs data soothes investors

After data revealed that US jobless claims increased more than anticipated last week, gold rose on Thursday as the dollar fell. This gave investors some hope that the Federal Reserve's interest rate hikes might not be as aggressive as initially anticipated.

As of 15:13 GMT, spot gold increased 1.1 percent to $1,830.35 per ounce. American gold futures increased 1% to $1,836.70.

Wall Street falls on bank stocks tumble, jobs report jitters

Bank stocks were the biggest drag on Wall Street's three major stock indices as they closed lower on Thursday. Investors were also concerned that Friday's jobs report might encourage the Federal Reserve to raise interest rates more aggressively.

The Nasdaq Composite fell 237.65 points, or 2.05 percent, to 11,338.36 while the S&P 500 lost 73.69 points, or 1.85 percent, to 3,918.32. The Dow Jones Industrial Average dropped 543.54 points, or 1.66 percent, to 32,254.86.

Also Read: BMW CE 04: BMW electric scooter showcased in India, could launch soon as the most expensive electric scooter

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