GIFT Nifty

The GIFT Nifty, an early indicator for the benchmark Nifty 50, was up 0.52% at 24,173 as of 6:56 a.m. However, global cues remained mixed, with US S&P 500 futures declining 0.72% and European Euro Stoxx 50 futures falling 0.17%.

India Market Recap

Indian benchmark indices ended higher for the second consecutive week, supported by easing crude oil prices, improving foreign institutional inflows following positive developments in the Middle East, and a strengthening rupee. Continued buying by domestic institutional investors also provided support to market sentiment. However, Friday's trading session witnessed sharp volatility, with benchmark indices remaining under pressure for most of the day due to significant selling in IT stocks. Despite accounting for only about 8.5% of the Nifty 50's weight, the steep decline in IT shares dragged the benchmark lower by over 120 points. The weakness was largely triggered by weak revenue guidance from Accenture, which raised concerns about global technology spending. On the technical front, Nifty support is placed in the 23,900–23,800 zone, while resistance is seen between 24,200 and 24,300.

US Market Recap

US markets remained closed on Friday on account of Juneteenth, a federal holiday commemorating the end of slavery in the United States. As a result, there was no trading activity on Wall Street.

Asian Market Update:

Asian markets traded on a mixed note on Monday as investors closely monitored developments in the Middle East amid rising crude oil prices and ongoing geopolitical uncertainty. Negotiations between the US and Iran continued in Switzerland, even as US President Donald Trump warned of fresh military action if regional tensions escalate. Japan's Nikkei 225 surged more than 2%, crossing the 72,700 mark, while the broader Topix index gained 1.28%. South Korea's Kospi advanced 1.6%, although the small-cap Kosdaq slipped 0.5%. In contrast, Chinese markets remained under pressure, with Hang Seng futures declining 1.59% and the Shanghai Composite trading in negative territory.

Commodity Check

Crude oil prices moved higher on Monday after renewed geopolitical tensions raised concerns over the stability of energy supplies from the Middle East. Brent crude rose more than 2% to trade above $82 per barrel, while West Texas Intermediate (WTI) climbed above $78 per barrel. Although high-level discussions between US and Iranian officials are continuing in Switzerland with the aim of de-escalating tensions and reopening key trade routes, progress remains uncertain. Reports suggesting a temporary halt in negotiations initially weighed on sentiment, though discussions reportedly continued into the early hours of Monday.

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