Sensex Today, Nifty 50 | Stock Market LIVE: Sensex erases 800-point loss, jumps 150 points; Nifty above 23K

Sensex Today, Nifty 50 | Stock Market LIVE: The Indian stock market erased losses and was trading higher in the afternoon session on Tuesday, April 7. However, upside remained capped as investors remained cautious over the latest developments in the intensifying US-Iran war in the Middle East.

The Sensex erased over 800-point loss and was trading marginally higher at 74,150 levels. At the same time, the Nifty 50 index reclaimed the 23,000 mark. The gains were led by IT stocks.

On the global front, Asian markets traded higher, while the US stock market gained overnight, with all three Wall Street indices closing higher.

Crude Oil Prices

Crude oil prices extended gains as Trump threatened stronger action on Iran if it fails to reopen the Strait of Hormuz, a key global oil transit chokepoint. Brent crude futures rallied 1.52% to $111.44 a barrel, while US West Texas Intermediate crude futures jumped 2.71% at $115.46.

Gold Rate Today

Gold and silver prices in India opened lower. MCX gold rate for June expiry contract opened 0.14% lower at ₹1,49,759 per 10 grams as against its previous close of ₹1,49,981 level.

MCX silver rate for May futures expiry opened 0.59% lower at ₹2,32,000 per kg as against its previous close of ₹2,33,379 level.

In the international markets, gold prices were steady amid cautiousness ahead of a deadline set by US President Donald Trump on reopening the Strait of Hormuz. Spot gold price was steady at $4,646.69 per ounce, while US gold futures for June delivery fell 0.2% to $4,674.40. Spot silver price fell 0.9% to $72.11 per ounce.

Stay tuned to this segment for the live updates on the Indian stock market today.