The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a muted note on Tuesday, 4 August, despite positive global market cues.
Gift Nifty trends also signalled a largely flat opening for domestic equities. The Gift Nifty was trading around 24,669, indicating a premium of nearly 20 points over the previous close of Nifty futures.
In the previous session, the domestic market ended with strong gains. The BSE Sensex advanced 544.39 points, or 0.70%, to settle at 78,639.03, while the Nifty 50 climbed 390.70 points, or 1.60%, to close at 24,774.30, extending its recent rally.
Crude oil prices
According to media reports, crude oil prices edged higher on Tuesday after a steep decline in the previous session, as concerns over potential supply disruptions in the Middle East kept investors on edge. Brent crude futures for the front month rose 0.7% to $84.39 per barrel, recovering after plunging nearly 7% on Monday to a three-week low. US West Texas Intermediate (WTI) crude also gained 0.7% to $80.95 per barrel, following a decline of more than 5% in the previous session.
US-Iran conflict
According to reports, uncertainty surrounding the US-Iran conflict continued to influence market sentiment. US President Donald Trump had earlier said he would hold off on launching fresh strikes against Iran while diplomatic efforts to resolve the conflict and reopen the Strait of Hormuz continued. However, Iran’s Foreign Ministry spokesperson, Esmail Baghaei, rejected those claims on Monday, saying that no negotiations with the United States were underway and that no meetings had been scheduled.
Gold rate today
According to reports, gold prices traded largely flat on Tuesday as investors assessed conflicting signals on potential US-Iran talks while awaiting key US employment data for clues on the Federal Reserve’s interest rate trajectory. Spot gold was little changed at $4,055.39 per ounce, while US gold futures edged 0.6% higher to $4,055.10 per ounce.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a flat start for the Indian stock market today. By 7:56 AM, the Gift Nifty was trading around the 24,631 level, a discount of 18.4 points from the Nifty futures’ previous close of 24,649.40.
Ponmudi R, CEO of Enrich Money, said that Indian equity markets are expected to trade on a steady note, with improving global sentiment and sustained institutional buying likely to extend the recent recovery.
Investor confidence has been bolstered by signs of easing geopolitical tensions after US President Donald Trump said negotiations with Iran remain underway, describing the current round of talks as the “last chance” to secure a deal. The comments have helped temper fears of a broader regional escalation, while WTI crude oil has stabilised near the $80-per-barrel mark after retreating sharply from its recent highs.
Institutional flows continue to provide a supportive backdrop for domestic equities. Steady buying by Foreign Portfolio Investors (FPIs), alongside sustained inflows from Domestic Institutional Investors (DIIs), has reinforced the market’s constructive undertone, with investors now looking for fresh catalysts from global developments and domestic macroeconomic cues.
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 strengthened its bullish structure by decisively surpassing the key resistance zone of 24,400, which coincides with the 200-day DEMA. This breakout reinforces the ongoing recovery and opens the door for a move towards the 25,000–25,200 zone in the near term. On the downside, the 24,350–24,500 region is expected to act as immediate support in the event of any profit-taking.
On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes the Bank Nifty is building on its recovery, continuing to trade comfortably above its 20-, 50-, 100-, and 200-day EMAs, reflecting sustained underlying strength across the banking space. Technically, a sustained move above the 58,000 zone could accelerate buying momentum and drive the index toward the 58,300–58,500 region.
On the downside, 57,300–57,400 serves as the near-term cushion, backed by the 57,000 round number just below it. Keeping the index above this stretch is what sustains the current bullish narrative, while a break below 57,000 could trigger short-term corrective profit-booking. Overall, the near-term technical outlook remains positive.
Stocks to buy today
Regarding stocks to buy today, market experts — Sumeet Bagadia of Choice Broking, Ganesh Dongre, and Senior Manager — Technical Research at Anand Rathi, recommended these seven buy-or-sell stocks for intraday trading: Sona BLW Precision Forgings Ltd, FSN E-Commerce Ventures Ltd (Nykaa), Power Grid Corporation of India Ltd, Paras Defence and Space Technologies Ltd, and NHPC Ltd.
Sumeet Bagadia’s stock recommendations today
Buy Sona BLW Precision Forgings in cash at ₹785; SL at ₹753; TGT at ₹843
Buy Nykaa in cash at ₹344.9; SL at ₹329; TGT at ₹370
Ganesh Dongre’s buy or sell stocks
Buy Power Grid Corporation of India at ₹285; sl at ₹280; tgt at ₹295
Buy Paras Defence and Space Technologies at ₹1,285; sl at ₹1,260; tgt at ₹1,325
Buy NHPC at ₹79; sl at ₹76; tgt at ₹82
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
