GIFT Nifty

The GIFT Nifty, an early indicator for the benchmark Nifty 50, was up 0.11% at 24,123 as of 6:11 a.m. Global cues remained positive, with US S&P 500 futures rising 0.35% and European Euro Stoxx 50 futures gaining 0.06%.

India Market Recap

Indian equity benchmarks extended their winning streak for a third consecutive week, marking the longest such run in nearly seven months. During the week, the NSE Nifty 50 gained 0.1%, while the BSE Sensex advanced 0.4%, supported by improving global sentiment, easing crude oil prices and sustained domestic institutional buying. On Thursday, the Nifty 50 rose 34.35 points, or 0.14%, to close at 24,056, while the Sensex gained 109.25 points, or 0.14%, to settle at 77,100.47. Market participants remained cautious ahead of the extended weekend, with domestic markets remaining closed on Friday on account of Muharram. On the technical front, Nifty support is placed in the 23,900–24,000 range, while resistance is seen between 24,200 and 24,300.

US Market Recap

Wall Street traded higher on Thursday as technology stocks rebounded after the previous session's weakness, supported by strong corporate earnings. Gains in semiconductor stocks lifted broader markets after Micron Technology reported better-than-expected results, reinforcing optimism around artificial intelligence-driven demand. The S&P 500 opened 0.62% higher at 7,403.65, while the technology-heavy Nasdaq Composite gained 0.59% at the open to 25,627.43. The Dow Jones Industrial Average also advanced nearly 350 points, opening 0.68% higher at 52,207.15.

Asian Market Update:

Asian markets traded on a mixed note amid lingering uncertainties surrounding developments in the Middle East. Japan's Nikkei 225 declined 0.35%, although the broader Topix index gained 0.43%. South Korea's Kospi slipped 2.29%, while the small-cap Kosdaq advanced 0.97%. Investor sentiment remained cautious as market participants continued to monitor geopolitical developments and their potential impact on global growth and energy markets.

Commodity Check

Crude oil prices moved higher after reports suggested that the US and Iran had agreed to halt direct hostilities following recent tensions near the Strait of Hormuz. Brent crude rose as much as 1.9% to $73.39 per barrel before trimming some gains, while US benchmark West Texas Intermediate (WTI) traded around $70 per barrel. Despite the recent uptick, oil prices remain significantly below the highs witnessed during the peak of geopolitical tensions, providing some relief to inflation concerns globally.

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