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At 8:16 am, the GIFT Nifty trades at 23,283, down 162.5 points or 0.69%, indicating a weak start for the Indian equity market.
Stock Market Today.
GIFT Nifty Today, September 24: The domestic benchmark indices are likely to open on a cautious note on Thursday, tracking weak global cues amid renewed geopolitical concerns, elevated crude oil prices and a rise in global bond yields. At 8:16 am, the GIFT Nifty was trading at 23,283, down 162.5 points or 0.69%, indicating a weak start for the Indian equity market.
Investors are likely to remain watchful of developments around the US-Iran conflict, crude oil prices and movements in US Treasury yields.
Ponmudi R, CEO of Enrich Money, said Indian equity markets are likely to open on a cautious note, with early trends in GIFT Nifty futures pointing to a weaker start.
“A rebound in crude oil prices amid renewed uncertainty surrounding the US-Iran diplomatic process, coupled with a rise in US Treasury yields, is likely to prompt some profit-taking after the market’s recent gains,” he said.
WTI crude was trading around $91-$92 a barrel, while Brent crude remained above the $100 mark. Higher oil prices remain a concern for oil-importing economies such as India as they can put pressure on inflation, the current account and the rupee.
Global Market Cues
Global markets remained under pressure amid concerns over rising bond yields and geopolitical tensions. Wall Street closed sharply lower in the previous session, while Asian markets were mixed in early trade. The MSCI Asia ex-Japan index was down 0.64%, while Japan’s Nikkei 225 gained 1.73%. Australia’s S&P/ASX 200 fell 1.2%.
Bond yields also remained elevated. Japan’s 10-year government bond yield climbed to 3.06%, its highest level since August 1996. The US 10-year Treasury yield held around 5.11% after touching its highest level since 2007.
Investors are also tracking upcoming US economic data and comments from Federal Reserve officials for further clues on the interest-rate outlook.
Crude Oil, Gold And Dollar
Brent crude fell 1% to $102.05 a barrel, while WTI crude declined 0.74% to $91.48 a barrel. Spot gold gained 0.35% to $4,301.89 an ounce. The dollar index was largely steady at 101.09. The geopolitical situation remains a key market trigger, particularly developments involving the US and Iran and the status of the Strait of Hormuz.
What Ponmudi Says
According to Ponmudi, the geopolitical backdrop remains uncertain despite recent discussions raising hopes of a possible de-escalation.
“Conflicting statements from Iranian officials regarding the Strait of Hormuz and the broader conflict continue to keep risks elevated. The lack of clarity could keep global risk appetite in check and leave crude oil prices sensitive to any fresh developments,” he said.
For Indian investors, the combination of weak global equities, elevated crude prices and higher bond yields could keep volatility elevated during Thursday’s session.
Technical View
Ponmudi said, “The Nifty formed a small bullish candle in the previous session, indicating a modest recovery from recent weakness. However, the broader technical structure remains cautious, with the index continuing to face resistance near key moving-average levels. The immediate resistance is placed around 23,500, followed by the crucial 23,600 zone. A sustained breakout above 23,600 could further strengthen the recovery and open the way towards 23,800.”
On the downside, 23,300 remains the key immediate support, followed by 23,200. Momentum has improved from deeply oversold levels but remains subdued, suggesting that buying strength is yet to gain clear confirmation. Overall, the index is likely to remain range-bound with a cautiously positive bias as long as it holds above 23,300, while a decisive move above 23,600 would provide stronger confirmation of a sustained recovery, he added.
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Ask News18Domestic benchmark indices were expected to open lower due to weak global cues, renewed geopolitical tensions surrounding the US-Iran conflict, elevated crude oil prices, and an increase in US Treasury yields.
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