Stock market today: GIFT Nifty, previously known as SGX Nifty, indicated a firm opening for Dalal Street on Friday. The index traded 69.50 points, or 0.29 percent, higher at 24,227 on NSE IX, suggesting a positive start for the session. Experts believe volatility may persist in the near term due to the deadlock in US-Iran talks, ongoing naval blockades, and Iran's seizure of two vessels, which keep risk appetite subdued. Unless geopolitical tensions ease meaningfully, pressure on crude oil prices, the rupee, and institutional fund flows is likely to continue.
Bajaj Broking Research Outlook on Bank Nifty
The index formed a bearish candlestick pattern signaling consolidation with a corrective bias for the second consecutive session after a recent strong up move. Bank Nifty witnessed profit booking in the last two sessions after rallying more than 7,500 points in just three weeks, pushing daily and weekly stochastic oscillators into overbought territory. Hence, some consolidation at the current level cannot be ruled out. The index is expected to consolidate in the range of 54,000 to 57,500. On the higher side, only a breakout above the key resistance area of 57,500 will infuse further momentum, opening upside toward 58,500 to 59,000 levels in the coming weeks, which are the previous breakdown area and key retracement of the previous decline. From a short-term perspective, support is placed in the range of 54,500 to 54,000, the confluence of the last week's low and the 38.2 percent retracement of the last three weeks' pullback (49,955 to 57,456).
US Stocks End Lower
Global equity markets largely ended lower on Thursday, giving up recent gains as investor optimism over a swift resolution to the Middle East conflict began to fade. The renewed uncertainty pushed oil prices higher, with Brent crude climbing further above the $100-a-barrel mark. The move reignited concerns that elevated energy costs could fuel inflationary pressures worldwide and potentially slow economic growth. On Wall Street, the major indices closed in negative territory after a choppy trading session. The decline mirrored weakness across most European and Asian markets, as investors turned increasingly cautious. According to Art Hogan of B. Riley Wealth Management, US investors appeared more focused on rising oil prices than they had been in recent sessions, especially after the market's strong rally since late March. "There continues to be a push and pull between solid fundamentals — including better-than-expected corporate earnings — and the lack of encouraging developments from the Strait of Hormuz," Hogan told AFP. Despite an extension of the fragile ceasefire, the United States and Iran showed little progress toward restarting meaningful peace negotiations. Iran has maintained that it will not reopen the Strait of Hormuz — a vital maritime route through which roughly one-fifth of the world's oil supply passes — for as long as the United States continues to block its ports. The sharp rise in energy prices has unsettled economies across the globe. Even so, equity markets have managed to recover much of the ground lost following the US and Israeli strikes on Iran in late February.
FIIs Remain Net Sellers
In Thursday's session, foreign institutional investors remained net sellers, offloading equities worth Rs 2,078.36 crore on Wednesday, according to exchange data. Meanwhile, the Indian rupee weakened for a fourth consecutive session, ending 33 paise lower at 94.11 against the US dollar. India VIX, often referred to as the market's fear gauge, rose 1.6 percent to close at 18.59, reflecting heightened nervousness among investors.
Bajaj Broking Research Nifty Outlook
The index formed a bearish candlestick pattern signaling consolidation with a corrective bias for the second consecutive session after a recent strong up move. Nifty witnessed profit booking in the last two sessions after rallying more than 2,400 points in just three weeks, pushing daily and weekly stochastic oscillators into overbought territory. The index has reacted lower from the key resistance area of 24,650 to 24,800, the confluence of the previous breakdown area, 200-day EMA, and the 61.8 percent retracement of the entire decline from 26,373 to 22,183. Hence, some consolidation at the current level cannot be ruled out. The index is expected to consolidate in the range of 23,600 to 24,800. Stock-specific action will continue to remain in focus as the quarterly earnings session progresses. Short-term support is positioned around the 23,600 to 23,500 range, the confluence of last week's low and the 38.2 percent retracement of the last three weeks' pullback (22,183 to 24,601).
Sensex, Nifty Closing Yesterday
Stock markets extended their losses for a second straight session on Thursday, as a fresh surge in crude oil prices and escalating geopolitical uncertainty weighed heavily on investor sentiment. The benchmark indices came under pressure after Brent crude climbed back above the $100-per-barrel mark amid stalled negotiations between the United States and Iran. The 30-share BSE Sensex fell 852.49 points, or 1.09 percent, to close at 77,664. During intraday trade, it had dropped as much as 942.31 points, or 1.20 percent, to 77,574.18. The broader NSE Nifty 50 declined 205.05 points, or 0.84 percent, to settle at 24,173.05. Market breadth remained weak, with 2,517 stocks declining on the BSE, while 1,762 advanced and 170 ended unchanged. The broader market also ended lower, with the BSE MidCap Select index declining 0.39 percent and the SmallCap Select index slipping 0.34 percent.
Oil prices moved higher on Friday morning amid renewed concerns over military escalation in the Middle East. Gold prices remained largely unchanged on Friday. However, the precious metal was on track for a weekly decline as rising oil prices stoked inflation concerns, reinforcing expectations that interest rates may stay elevated for longer. US equities ended lower on Thursday after a volatile trading session. Optimism over a swift resolution to the Iran conflict has faded. Investors are also weighing a mixed set of corporate earnings. There are fresh concerns over AI-led disruption in the software industry, which has further added to the cautious mood. Asian markets opened on a weak note as limited progress in US-Iran negotiations raised fears of a prolonged Middle East conflict. With the Strait of Hormuz effectively remaining shut, oil prices continued to climb.
Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.
