Gold, Brent crude, the rupee, US yields, the dollar and US stocks: how each has moved, and how closely Indian stocks have moved with it.
Gold is where money goes when it is worried. A rising gold price with falling stocks is a sign of caution; both rising together usually means plenty of money looking for a home.
India imports most of its oil, so dearer crude widens the trade deficit, pressures the rupee and raises costs for refiners, airlines, paint and chemical makers.
More rupees to the dollar means a weaker rupee. A weak rupee helps exporters such as IT and pharma, raises import costs, and tends to come with foreign investors selling.
The US 10-year yield is the world's base rate. When it rises, money held in riskier markets such as India has a better alternative at home.
A stronger dollar usually means money flowing out of emerging markets and back into the US.
The S&P 500 is US stocks. It sets the tone for global risk appetite; India often follows its overnight move at the open.
Silver is half precious metal, half industrial input, so it tends to swing harder than gold, with both fear and factory demand.
Gold in rupees adds the rupee's own move to gold's. It is what an Indian saver actually earns on gold.
Correlation runs from −1 to +1. +1 means the two always moved the same way on the same day; −1, always opposite; near 0, no steady link. 60 sessions is the last three months; a year is the last 250.
"Unusually strong" or "unusually weak" means the last three months' correlation sits far from where it has been through the year: the relationship has changed recently.
US markets are matched to the Indian session that opened after they closed.
| Nifty 50 | Bank Nifty | India bonds | Gold (₹) | Gold ($) | Silver ($) | Brent | USD/INR | US 10-yr | Dollar index | S&P 500 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nifty 50 | · | 0.81 | 0.53 | 0.25 | 0.06 | 0.00 | −0.16 | −0.25 | −0.30 | −0.27 | −0.11 |
| Bank Nifty | 0.81 | · | 0.40 | 0.31 | −0.03 | 0.02 | −0.01 | −0.10 | −0.14 | −0.19 | 0.03 |
| India bonds | 0.53 | 0.40 | · | 0.36 | 0.23 | 0.20 | −0.36 | −0.09 | −0.20 | −0.20 | 0.00 |
| Gold (₹) | 0.25 | 0.31 | 0.36 | · | 0.45 | 0.33 | −0.19 | 0.12 | −0.10 | −0.11 | 0.21 |
| Gold ($) | 0.06 | −0.03 | 0.23 | 0.45 | · | 0.85 | −0.39 | 0.11 | −0.15 | 0.05 | −0.21 |
| Silver ($) | 0.00 | 0.02 | 0.20 | 0.33 | 0.85 | · | −0.42 | 0.16 | −0.12 | 0.03 | −0.22 |
| Brent | −0.16 | −0.01 | −0.36 | −0.19 | −0.39 | −0.42 | · | 0.07 | −0.09 | −0.23 | 0.18 |
| USD/INR | −0.25 | −0.10 | −0.09 | 0.12 | 0.11 | 0.16 | 0.07 | · | 0.06 | 0.21 | 0.02 |
| US 10-yr | −0.30 | −0.14 | −0.20 | −0.10 | −0.15 | −0.12 | −0.09 | 0.06 | · | 0.10 | 0.11 |
| Dollar index | −0.27 | −0.19 | −0.20 | −0.11 | 0.05 | 0.03 | −0.23 | 0.21 | 0.10 | · | 0.10 |
| S&P 500 | −0.11 | 0.03 | 0.00 | 0.21 | −0.21 | −0.22 | 0.18 | 0.02 | 0.11 | 0.10 | · |
Blue: they tend to move the same way on the same day. Red: opposite ways. Near zero: no steady link. Daily changes over the last 60 sessions.
Sentiment and money-flow readings from exchange and depository data, scored by published rules. Source: NSE, NSDL; analysis by FinMinutes. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security.