Sensex Rally in Sight? GIFT Nifty Surges on Oil Gains and Middle East Diplomacy Hopes
Despite mixed global cues and continued pressure in regional Asian markets, Indian equities are set for a positive start as indicated by the GIFT Nifty. The market sentiment is buoyed by lower crude oil prices and heightened optimism regarding potential progress toward a US-Iran peace deal.GIFT Nifty was trading at 24,693 around 7:45 am, showing an increase of 58.5 points or 0.24 percent. This reading suggests that the Nifty 50 could open above its previous close of 24,624.65. The positive outlook comes after both benchmark indices closed firm on Wednesday's session following the Reserve Bank of India's monetary policy announcement.
Domestic Sentiment: GIFT Nifty Signals Positive Start for Benchmarks
The Sensex concluded the day with a solid performance, rising 152.05 points or 0.19 percent to finish at 78,581.00. The Nifty also posted gains, rising by 9.75 points or 0.04 percent to close at 24,624.65, successfully maintaining a position above the 24,600 mark after the Closing Auction Session.Asian Markets See Declines as Tech Stocks Come Under Pressure
Asian equities witnessed a period of volatility following Wednesday's strong rally, with technology stocks leading the declines across regional exchanges. MSCI's broadest index tracking Asia-Pacific shares outside Japan fell 0.69 percent. Japanese stocks saw Nikkei 225 drop 1.57 percent while South Korea's Kospi dropped 3.64 percent. Chipmakers faced intense pressure, with Samsung Electronics falling 2.44 percent and SK Hynix slipping nearly 7 percent.Oil Prices Ease Amid Hopes of US-Iran Peace Deal
Crude oil prices edged lower as investors weighed the potential for progress in Iran-Oman negotiations. The developments could ultimately pave the way for a broader US-Iran peace agreement and the reopening of the Strait of Hormuz. Brent crude futures declined 0.18 percent to $79.31 a barrel, while US West Texas Intermediate crude slipped 0.35 percent to $74.96.Global Markets Show Mixed Signals
US markets closed on a mixed note overnight. The Dow Jones Industrial Average managed to rise to another record high, gaining 0.49 percent. However, the S&P 500 saw a slight slip of 0.17 percent and Nasdaq Composite fell 0.83 percent after shares in Advanced Micro Devices and SpaceX weakened following their quarterly earnings reports.FIIs Offload Equities, DIIs Provide Support
Investor focus is now expected to pivot toward the ongoing April-June quarter earnings season. Foreign institutional investors (FIIs) reversed course on Wednesday, turning into net sellers after a six-session buying streak and offloading Indian equities worth Rs 943 crore. Domestic institutional investors (DIIs) provided crucial support, purchasing equities valued at Rs 2,883 crore to cushion the impact of foreign selling.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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