HDFC issues; gold and silver retreat amid rising yields.
Global markets fell sharply, with equities under pressure as yields rose and geopolitical tensions escalated. The Nifty dropped over 5% while U.S. stocks declined more than 1%, led by weakness in growth sectors. Commodities saw heavy selling, with gold and silver plunging on dollar strength and rising yields.
Today's Snapshot
- Nifty 50: 22,512.65 (−5.32%)
- Nasdaq Composite: 21,647.61 (−1.27%)
- S&P 500: 6,506.48 (−1.39%)
- Gold: $4,406.87/oz (−10.28%)
- Silver: $69.15/oz (−14.52%)
Global Markets
(A) Precious Metals
Gold: $4,406.87/oz (−10.28%)
Gold declined sharply by 10.28% as elevated U.S. yields and dollar strength suppressed demand. Position unwinds intensified selling pressure.
Silver: $69.15/oz (−14.52%)
Silver fell sharply by 14.52%, mirroring gold's decline. Higher yields, dollar appreciation, position unwinds, and risk-averse sentiment all contributed to weakness.
(B) FX
Dollar Index (DXY): 99.36 (+0.27%)
The dollar edged higher amid cautious sentiment linked to Middle East tensions. U.S. President Donald Trump postponed strikes on Iran by five days, creating uncertainty and bolstering safe-haven demand.
USD/JPY: 158.43 (+5.77%)
USD/JPY remained relatively stable as the yen strengthened following market reassessment of rate differentials. Japan's core inflation decelerated to 1.6%, below the Bank of Japan's 2% target.
Stock Market — What Happened Today?
United States
U.S. Equities
- S&P 500: 6,506.48 (−1.39%)
- Nasdaq Composite: 21,647.61 (−1.27%)
U.S. equities declined due to rising yields and Middle East tensions pressuring valuations, particularly growth stocks. However, losses remained contained as U.S. markets outperformed global counterparts, benefiting from stronger economic resilience and lower energy-shock exposure.
Major Movers
HMH Holding | IPO ▲
The oilfield equipment firm aims to raise up to $231 million through a U.S. IPO, with pricing between $19–$22 per share, implying a $948 million valuation. The company plans Nasdaq Global Select Market listing under ticker "HMH" with Baker Hughes backing.
Tesla | NASDAQ: TSLA | +3–4% ▲
Shares rose approximately 3–4% following Elon Musk's unveiling of the "Terafab" project—a large-scale AI chip manufacturing initiative integrating Tesla, SpaceX, and xAI. The development reinforced Tesla's expansion beyond electric vehicles into AI, robotics, and computing, supporting long-term growth expectations.
India
Indian Equities
- Nifty 50: 22,512.65 (−5.32%)
Major Movers
HDFC Bank | NSE: HDFCBANK | ~−12% ▼
Shares declined sharply approximately 12% following the sudden resignation of former chairman Atanu Chakraborty, who cited differences over "values and ethics," prompting governance concerns among investors. The bank appointed external law firms to review the resignation letter and assess the situation, aiming to strengthen governance standards and restore investor confidence. The stock stabilized after losing over $16 billion in market value during the prior selloff.
Volatility
VIX closed at 18.63, reflecting cautious market conditions.
What Traders Are Watching
- U.S. inflation data — Essential for determining Federal Reserve rate expectations and bond yields.
- Central bank signals — Fed or BOJ guidance shifts could influence global rate differentials and FX markets.
- Treasury yield direction — Continued increases could further pressure equity valuations, especially growth sectors.
“It's not whether you're right or wrong that matters, but how much money you make when you're right and how much you lose when you're wrong.”
Yesterday's Market News – March 23, 2026
Markets were mixed, with U.S. equities near highs (S&P 500 ~6,900, flat), while commodities firmed, led by silver (+1–2%). The dollar remained stable (DXY ~99, little changed) and the yen held near 150–151 per dollar.
Read full recap →Sources
- Reuters — Global Markets — "Shares jittery, oil resumes climb as fragile relief rally sours"
- Reuters — Currencies — "Dollar nurses losses as markets weigh Trump delay in Iran strikes"
- Reuters — Global Markets — "Morning Bid: Little relief from Trump"
- Reuters — Business — "HMH Holding seeks to raise up to $231 million in U.S. IPO"
Disclaimer
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