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GIFT Nifty signals weak start for the domestic equity market on Thursday, October 22, as elevated crude oil prices and escalating geopolitical tensions weigh on investor sentiment.
GIFT Nifty Today.
GIFT Nifty was trading at 22,637, down 91.5 points, or 0.40%, at around 7:49 am IST, indicating a cautious opening for the Indian markets. Asian markets were also trading lower in early deals, with Japan’s Nikkei 225 slipping around 0.30% and South Korea’s KOSPI declining more than 1%, reflecting weakness across regional equities.
Crude oil prices remain a key concern for domestic markets. WTI crude was trading near $98 a barrel, while Brent crude had moved above $110, raising concerns over inflationary pressures and the impact of higher energy costs on India’s macroeconomic outlook.
Escalating US-Iran tensions and reports of attacks on Saudi infrastructure have heightened fears of prolonged disruptions to Middle Eastern energy supplies. Uncertainty surrounding the Strait of Hormuz remains a key risk, with any further escalation potentially pushing oil prices higher and triggering volatility across global financial markets.
Ponmudi R, CEO of Enrich Money, said, “Indian equity markets are likely to open on a cautious note and remain under pressure, as persistently high crude oil prices and escalating geopolitical tensions weigh on investor sentiment. WTI crude is trading near $98 a barrel, while Brent has moved above $110, keeping macroeconomic risks firmly in focus. The prospect of sustained energy-price pressures could temper hopes of a durable recovery in domestic equities.”
He added that on the domestic front, quarterly earnings from heavyweight companies may provide pockets of support, although the broader market outlook remains fragile.
Investors will track corporate earnings, management commentary and foreign institutional investor (FII) flows for cues on whether the recent recovery in domestic equities can sustain. Market participants are also likely to monitor global developments and movements in crude oil prices for further direction.
With elevated energy prices and geopolitical risks clouding the outlook, benchmark indices could remain volatile, while the sustainability of any recovery will depend on global cues and buying support at lower levels.
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Ask News18GIFT Nifty was trading down by 91.5 points at 22,637, signaling a cautious opening for Indian markets. Meanwhile, Asian markets also saw lower early deals, with Japan’s Nikkei 225 slipping around 0.30% and South Korea’s KOSPI declining over 1%.
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