The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open flat on Monday, 10 August, as elevated crude oil prices weigh on investor sentiment. Brent crude, the global benchmark for oil prices, rose 0.9% to $84.30 a barrel, extending its gains to more than 5% over the past three sessions amid renewed concerns over supply disruptions.
The Gift Nifty also pointed to a muted start for domestic equities. It was trading around 24,667, indicating a 12-point premium over the previous close of Nifty futures.
The Indian stock market ended lower on Friday, with the Nifty 50 closing below the 24,600 mark. The Sensex declined 455.59 points, or 0.58%, to 78,499.17, while the Nifty 50 fell 65.35 points, or 0.27%, to settle at 24,570.65.
Crude oil prices
Oil prices rose on Monday as uncertainty over the reopening of the Strait of Hormuz continued to weigh on markets. Iran said an agreement with Oman to establish alternative shipping routes was nearing completion, although Tehran maintained that the United States must meet additional conditions before the strategic waterway can reopen.
Brent crude futures gained 91 cents, or 1.09%, to $84.46 a barrel, while US West Texas Intermediate (WTI) crude futures advanced 61 cents, or 0.78%, to $78.79 a barrel.
The gains came after both benchmarks fell more than 7% last week on expectations that Iran and Oman were close to reaching an agreement that could facilitate the reopening of the Strait of Hormuz, a key energy route that carried around one-fifth of global oil supplies before the conflict.
US-Iran war
Iranian Foreign Minister Abbas Araqchi said on Sunday that the agreement with Oman was in its “final stages”, but stressed that the Strait of Hormuz would only reopen after Washington fulfilled additional conditions, including compensation for attacks on Iran.
Araqchi also said Tehran and Washington were not currently negotiating and that Iran would not initiate talks while the US continues to violate an interim agreement reached in June.
Meanwhile, Iran-aligned Houthi forces claimed to have targeted Saudi Aramco’s Jazan refinery on Sunday, adding to concerns over regional energy infrastructure.
Separately, UAE-based ADNOC said on Friday that 15 of its vessels had come under attack while transiting the Strait of Hormuz since the conflict began.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a flat start for the Indian stock market today. By 7:48 AM, the Gift Nifty was trading around the 24,661.5 level, a premium of 6.5 points from the Nifty futures’ previous close of 24,655.
Ponmudi R, CEO of Enrich Money, said Indian equity markets are expected to open on a steady note, supported by firm regional cues, although investors are likely to remain selective as geopolitical developments and global macroeconomic expectations continue to shape risk sentiment. Asian markets are trading higher in early trade, with Japan’s Nikkei 225 and South Korea’s Kospi each advancing more than 1%, providing a constructive backdrop for regional equities. Reflecting improved sentiment, GIFT Nifty futures indicate a positive start for domestic markets.
Despite the supportive opening, investor focus remains firmly on the evolving situation in the Middle East. Reports suggest Iran is moving closer to an agreement with Oman on the reopening of the Strait of Hormuz, although negotiations remain conditional, with Tehran reportedly seeking US compensation and sanctions relief as part of any final arrangement. Until a formal agreement is reached, geopolitical uncertainty is likely to keep investors cautious and limit aggressive risk-taking.
WTI crude oil is holding in the $78–79 per barrel range after rebounding from last week’s lows, suggesting that markets continue to price in a residual geopolitical risk premium even as diplomatic efforts progress. For India, sustained stability in crude prices will remain critical for the inflation outlook, the rupee, and corporate input costs.
Stock market today
Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, said that the recent dip in the Nifty 50 has not altered its overall bullish structure, and we continue to maintain a positive outlook as long as the index holds above the crucial 24,350 support level. However, persistent volatility in crude oil prices could keep the index in a consolidation phase in the near term. We recommend closely tracking sectors and themes that continue to exhibit relative strength and utilising market dips to accumulate quality stocks from those outperforming pockets.
On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes Bank Nifty continues to maintain a constructive medium-term structure, although the index remains under pressure near key resistance levels. The 58,200–58,300 zone remains the immediate hurdle. A decisive and sustained breakout above 58,300 would strengthen the bullish bias and could trigger further upside towards 58,500–58,600, followed by the 58,800–59,000 zone.
On the downside, 57,800–57,700 remains the immediate support area, with the next support placed at 57,400–57,300. A decisive break below 57,700 could trigger fresh profit-taking and weaken the near-term technical setup. Overall, the near-term outlook remains cautiously constructive, with sustained trading above 57,700 and a decisive breakout above 58,300 likely to reinforce the upside momentum.
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 eight buy-or-sell stocks for intraday trading: Bharat Forge Ltd, Aurobindo Pharma Ltd, Delhivery Ltd, Bank of Baroda, Bharat Electronics Ltd (BEL), Paramount Communications Ltd, Physicswallah Ltd, and Waaree Energies Ltd.
Sumeet Bagadia’s stock recommendations today
Buy Bharat Forge in cash at ₹2,265; SL at ₹2,185; TGT at ₹2,420
Buy Aurobindo Pharma in cash at ₹1,658; SL at ₹1,600; TGT at ₹1,770
Ganesh Dongre’s buy or sell stocks
Buy Delhivery at ₹473; sl at ₹460; tgt at ₹500
Buy Bank of Baroda at ₹250; sl at ₹244; tgt at ₹258
Buy BEL at ₹401; sl at ₹390; tgt at ₹420
Shiju Koothupalakkal’s intraday stocks for today
Buy Paramount Communications cmp: ₹68.80; Target: ₹74; Stop loss: ₹67
Buy Physicswallah cmp: ₹131; Target: ₹142; Stop loss: ₹128
Buy Waaree Energies cmp: ₹2,717; Target: ₹2,840; Stop loss: ₹2,660
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.
