The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a muted note on Thursday, 30 July, tracking weak global market cues.
Gift Nifty trends also pointed to a subdued start for domestic equities. The Gift Nifty was trading around 24,246, a discount of 65.5 points to the previous close of Nifty futures, indicating a flat-to-negative opening.
On Wednesday, the domestic market staged a strong rebound, with the Nifty 50 reclaiming the 24,250 mark on the back of broad-based buying.
The BSE Sensex rallied 888.68 points, or 1.16%, to close at 77,654.60, while the Nifty 50 advanced 264.85 points, or 1.10%, to end the session at 24,250.20.
US Fed holds rates steady
The US Federal Reserve kept its benchmark interest rate unchanged at 3.50%-3.75%, as widely expected, following the conclusion of its two-day Federal Open Market Committee (FOMC) meeting, according to reports. The decision marked the fifth consecutive policy meeting at which the central bank left rates unchanged while assessing the trajectory of inflation and the broader economy. The Fed also retained its projections for inflation, unemployment, and economic growth largely in line with its June forecasts, reports said.
US-Iran conflict intensifies
The United States launched fresh military strikes on Iran on Wednesday, further escalating the five-month-long conflict, according to reports. The US Central Command said the strikes were carried out in response to what it described as attempted Iranian attacks on US forces stationed in the Middle East. Separately, a drone struck a US-owned gas storage tanker at Egypt’s Mediterranean port of Damietta, British maritime security firm Ambrey said in a report. Reports also said US and Saudi forces carried out attacks on Iran-backed groups in eastern Iraq, while Iran launched missiles targeting US troops in Jordan, underscoring the widening regional conflict.
Crude oil prices ease
Crude oil prices retreated on Thursday after surging in the previous session, as tankers continued to transit through the Middle East despite escalating geopolitical tensions, according to market reports. Brent crude futures fell $1.29, or 1.42%, to $89.45 per barrel, while US West Texas Intermediate (WTI) crude declined 56 cents, or 0.66%, to $83.90 per barrel. The decline followed Wednesday’s sharp rally, when Brent jumped 7.91% and WTI gained 6.56%, reversing the previous session’s losses after a temporary pause in hostilities.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a muted start for the Indian stock market today. By 7:54 AM, the Gift Nifty was trading around the 24,220.5 level, a discount of 91 points from the Nifty futures’ previous close of 24,311.50.
Ponmudi R, CEO of Enrich Money, said Indian equity markets are expected to open on a cautious note, with a mixed global backdrop likely to keep investor sentiment guarded. Wall Street ended sharply lower ahead of earnings from major US technology companies, reflecting persistent concerns over AI-related valuations and elevated capital spending, while Asian markets are trading with a modest positive bias in early trade, offering little directional conviction. GIFT Nifty futures are hovering around the 24,300 mark, indicating a flat to marginally positive opening compared with the Nifty’s previous close at 24250.
On the monetary policy front, the US Federal Reserve kept its benchmark interest rate unchanged at 3.50%–3.75% at its second policy meeting under Chair Kevin Warsh, broadly in line with market expectations. While the decision removes a key near-term uncertainty for global markets, the split among policymakers reinforced expectations that the path of future rate cuts remains highly data dependent. Investors will now closely monitor upcoming US inflation and economic growth data for fresh clues on the Fed’s policy trajectory. In the aftermath of the decision, gold prices advanced as investors adopted a more defensive stance amid continued uncertainty over the interest-rate outlook and geopolitical risks.
Stock market today
Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, said the Nifty 50 has reclaimed the immediate resistance zone formed by the 20-day and 100-day DEMA, indicating an improvement in the near-term technical setup. The next crucial hurdle is placed around the 24,400 level, which coincides with the 200-day DEMA. A sustained move above this zone could pave the way for an extension towards the 24,600 mark. On the downside, the 24,050–24,150 region is expected to provide immediate support in the event of any profit-taking.
On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes Bank Nifty continues to trade with a cautiously positive bias, having stabilized above its key support levels. Technically, the 57,300–57,400 zone stands out as the immediate resistance area. A sustained move above this band could accelerate buying momentum and pave the way for an advance toward the 57,800–58,000 region.
On the downside, the 57,000–56,900 zone serves as the immediate support area. Holding above this range will be essential to preserve the current recovery structure. Conversely, a decisive break below this level could invite fresh selling pressure, dragging the index toward the 56,700–56,600 support zone, a level that also aligns with the 100-day EMA, adding further technical significance to this band. While, a decisive break below 56,700–56,600, however, would weaken the structure and shift the bias toward caution.
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 seven buy-or-sell stocks for intraday trading: Kalyan Jewellers India Ltd, Laurus Labs Ltd, Godfrey Phillips India Ltd, Reliance Industries Ltd, Zydus Lifesciences Ltd, Hindalco Industries Ltd, and Ather Energy Ltd.
Sumeet Bagadia’s stock recommendations today
Buy Kalyan Jewellers India in cash at ₹629; SL at ₹606; TGT at ₹675
Buy Laurus Labs in cash at ₹1,781; SL at ₹1,718; TGT at ₹1,900
Ganesh Dongre’s buy or sell stocks
Buy Godfrey Phillips India at ₹2,075; SL at ₹2,025; TGT ₹2,130
Buy Reliance at ₹1,275; SL at ₹1,245; TGT ₹1,320
Buy Zydus Lifesciences at ₹1,122; SL at ₹1,095; TGT ₹1,170
Shiju Koothupalakkal’s intraday stocks for today
Buy Hindalco Industries cmp: ₹962 Target: ₹1,010 Stop loss: ₹940
Buy Ather Energy cmp: ₹1,246; Target: ₹1,300; Stop Loss ₹1,220
Disclaimer: 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.
