The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a cautious note on Friday, tracking weak global cues amid investor concerns over escalating geopolitical tensions in the Middle East and their impact on commodity prices.
Asian markets traded lower in early deals, while Wall Street ended sharply lower overnight, led by a selloff in semiconductor stocks that weighed on broader market sentiment.
On Thursday, Indian equities ended largely flat as persistent concerns over the US-Iran conflict and elevated crude oil prices kept investors on the sidelines. The BSE Sensex edged up 1.44 points to close at 77,186.87, while the Nifty 50 slipped 5.75 points, or 0.02%, to settle at 24,072.75.
Middle East tensions intensify
Geopolitical risks remained elevated after the United States expanded its military campaign against Iran, carrying out fresh airstrikes that increasingly targeted key bridges and transport infrastructure. In response, Iran launched another wave of missile attacks on US-allied nations in the Middle East and warned that its military response would intensify further.
US retail sales
US retail sales rose 0.2% in June, indicating resilient consumer spending despite a challenging economic environment. The increase followed an upwardly revised 1.0% growth in May. The reading matched economists’ expectations in a Reuters poll, suggesting consumer demand remains relatively steady.
Crude oil prices
Crude oil prices extended their rally as fears of supply disruptions in the Middle East continued to support energy markets. Brent crude futures climbed 1.27% to $85.30 per barrel, while WTI crude gained 1.23% to $79.92 per barrel. For the week, both Brent and WTI were on track to post gains of more than 11%, marking their strongest weekly performance since April.
Gold price today
Gold prices steadied after a sharp decline in the previous session but remained on course for their largest weekly loss since early June, as expectations of tighter US monetary policy weighed on bullion. Spot gold edged up 0.1% to $3,980.17 per ounce, recovering slightly after a 2% fall on Thursday. Spot silver traded marginally lower at $55.50 per ounce.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a muted start for the Indian stock market today. By 7:42 AM, the Gift Nifty was trading around the 24,095.5level, a discount of 0.9 points from the Nifty futures’ previous close of 24,096.40.
Ponmudi R, CEO of Enrich Money, said Indian markets are expected to trade with a cautious bias as escalating geopolitical tensions in the Middle East, elevated crude oil prices, and sustained pressure on the Indian rupee continue to weigh on investor sentiment. Gift Nifty is trading around 24,143.50, compared with the Nifty’s previous close of 24,072.75, indicating a flat-to-mildly positive start for domestic equities. However, the market’s ability to build on recent gains and sustain upward momentum is likely to remain fragile amid an uncertain geopolitical backdrop and the risk of profit-booking at higher levels.
Foreign Portfolio Investors (FPIs) remained net sellers during the previous session, offloading domestic equities worth ₹4,200 crore, reflecting heightened caution among global investors amid prevailing geopolitical and macroeconomic uncertainties.
Stock market today
Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, said Nifty 50 remained range-bound, facing resistance in the 24,200 zone while holding above its immediate support of 24,050, where the 20-day EMA coincides with the rising trendline.
On an immediate basis, a break below 24,050 could drag the index towards the crucial 23,800 level. On the upside, a decisive breakout above 24,200-24,300 may pave the way for an up move towards 24,500–24,600. We therefore recommend maintaining a stock-specific approach while adhering to disciplined risk and position management.
On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes the Bank Nifty continues to trade with a mildly weak undertone, reflecting persistent selling pressure at higher levels. From a technical standpoint, the 58,000–58,200 zone remains a crucial resistance band. A sustained breakout above this range would improve market sentiment and could pave the way for a recovery towards the 58,400–58,600 region.
On the downside, 57,400 remains the immediate support. A decisive break below this level could expose the index to further weakness towards the 57,300–57,200 support zone. Failure to hold this range may intensify selling pressure, potentially dragging the index towards the 57,000 psychological mark.
Stocks to buy today
Regarding stocks to buy today, market experts — Sumeet Bagadia of Choice Broking, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, and Shiju Koothupalakkal, Senior Manager — Technical Research at Prabhudas Lilladher, recommended these eight buy-or-sell stocks for intraday trading: Biocon Ltd, Bharat Heavy Electricals Ltd (BHEL), Union Bank of India, Bharat Electronics Ltd (BEL), Varun Beverages Ltd, Graphite India Ltd, RR Kabel Ltd, and Rain Industries Ltd.
Sumeet Bagadia’s stock recommendations today
Buy Biocon in cash at ₹441; SL at ₹425; TGT at ₹472
Buy BHEL in cash at ₹435.35; SL at ₹420; TGT at ₹466
Ganesh Dongre’s buy or sell stocks
Buy Union Bank of India at ₹168; sl at ₹164; tgt at ₹175
Buy Bharat Electronics at ₹407; sl at ₹400; tgt at ₹420
Buy Varun Beverages at ₹468; sl at ₹460; tgt at ₹495
Shiju Koothupalakkal’s intraday stocks for today
Buy Graphite India cmp: ₹655 Target: ₹710 Stop loss: ₹640
Buy RR Kabel cmp: ₹2,403 Target: ₹2,550 Stop loss: ₹2,330
Buy Rain Industries cmp: ₹213.60 Target: ₹230 Stop loss: ₹208
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
