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Gains in GIFT Nifty come against the backdrop of elevated oil prices and persistent geopolitical uncertainty, which are likely to influence investor sentiment through the session.
GIFT Nifty Today.
GIFT Nifty was trading at 23,123, up 28.5 points, or 0.12%, at around 8:06 am on Monday, October 19, indicating a mildly positive start for domestic benchmark indices Sensex and Nifty. However, gains in the early indicator come against the backdrop of elevated crude oil prices and persistent geopolitical uncertainty, which are likely to influence investor sentiment through the session.
“Indian equity markets are likely to remain cautious through the session, with persistently elevated crude oil prices and geopolitical uncertainty keeping macroeconomic risks in focus,” said Ponmudi R, CEO of Enrich Money.
WTI crude oil was trading around $97-$98 a barrel, while Brent crude remained above $108, raising concerns over inflation, the rupee and the outlook for oil-sensitive sectors. A sustained rise in crude prices could increase India’s import bill and put additional pressure on domestic equities.
Strait Of Hormuz Developments In Focus
Market participants will closely track developments around the Strait of Hormuz, a critical global energy shipping route, amid uncertainty over the resumption of normal oil supplies.
Iran has reiterated that the strait could reopen within six days if the United States accepts its conditions, including demands related to the US blockade, sanctions and a broader cessation of hostilities. However, the absence of an agreement continues to cloud the outlook for global energy supplies.
“Progress toward a diplomatic resolution could ease crude prices and support market sentiment, while further escalation or prolonged disruption to energy shipments could intensify volatility across global markets,” Ponmudi said.
Any sustained easing in geopolitical tensions could provide relief to equities, while a further spike in crude prices could weigh on investor sentiment and sectors sensitive to fuel costs.
Asian Markets Open Under Pressure
Asian share markets slipped on Monday as unease over AI’s enormous funding needs undermined confidence ahead of a week packed with earnings, while Chinese economic data pipped forecasts in a positive for world growth.
“Weakness across regional markets could weigh on domestic equities during the session, while movements in crude oil prices and further developments around the Strait of Hormuz are likely to remain key drivers of investor sentiment,” Ponmudi said.
Asian markets were hampered by concerns about tech and Japan’s Nikkei fell 1.2%, after losing 5.4% last week. South Korea dropped 0.4%, having shed more than 14% last week, while Taiwan fell 1.4%. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.6%.
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Ask News18GIFT Nifty was trading at 23,123, up 28.5 points or 0.12%, at around 8:06 am on Monday, October 19, pointing toward a mildly positive start for the domestic benchmark indices Sensex and Nifty. Another source noted it trading slightly higher at 23,130 around 7:45 am, up 35 points or 0.15%.
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