GIFT Nifty

The GIFT Nifty, an early indicator for the benchmark Nifty 50, was down 0.15% at 23,968 as of 7:44 a.m. Global cues remained mixed, with US S&P 500 futures declining 0.38%.

India Market Recap

Indian equity benchmarks extended their losses for a second consecutive session on Tuesday as weakness in IT stocks weighed on sentiment. The NSE Nifty 50 declined 80 points, or 0.34%, to close at 23,865, while the BSE Sensex slipped 0.33%. Sectoral performance remained mixed, with the Nifty Defence index emerging as the top performer, rising over 1.4%, led by strong gains in Paras Defence and Cochin Shipyard. On the other hand, the Nifty IT index was the biggest laggard, falling nearly 3%, as LTIMindtree and Infosys witnessed sharp declines. On the technical front, Nifty support is placed in the 23,700–23,800 range, while resistance is seen between 24,100 and 24,250.

US Market Recap

US markets ended higher on Tuesday as investors reacted positively to the latest economic data, helping the major indices close out their strongest quarter since 2020. The S&P 500 rose 0.8%, while the technology-heavy Nasdaq 100 gained 1.7%. Semiconductor stocks led the rally, with the Philadelphia Semiconductor Index surging 3.9% to register its best quarterly performance on record. The strong performance reflected renewed optimism around technology and artificial intelligence-related stocks.

Asian Market Update:

Asian markets traded on a mixed note on Wednesday. Japan's Nikkei 225 rallied 2.54% after the yen weakened to its lowest level against the US dollar in four decades, boosting export-oriented stocks. In contrast, South Korea's Kospi slipped 0.30%, while Australia's ASX 200 declined 0.39%. Markets in Hong Kong and Shanghai remained closed for a public holiday. Investors also kept a close watch on the Japanese yen, which weakened to 162.28 per dollar, raising expectations of possible intervention by Japanese authorities.

Commodity Check

Crude oil prices edged higher on Wednesday as investors monitored progress in US-Iran negotiations and the gradual recovery of oil shipments through the Strait of Hormuz. Brent crude traded above $73 per barrel, while US benchmark West Texas Intermediate (WTI) hovered near $70 per barrel. Despite the uptick, oil prices remain under pressure after recording their steepest quarterly decline since the pandemic, reflecting expectations that energy supplies through the Strait of Hormuz will continue to normalize and reduce concerns over global supply disruptions.

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