The Indian stock market is expected to open on a muted note on Wednesday, taking mixed cues from global markets after Wall Street extended its rally overnight.
Asian equities traded mixed in early trade, while US markets closed higher, reflecting continued optimism despite lingering geopolitical and macroeconomic uncertainties.
On Tuesday, domestic benchmarks ended lower amid selling pressure, with the Nifty 50 slipping below the 23,900 mark. The BSE Sensex fell 249.70 points, or 0.33%, to close at 76,478.67, while the Nifty 50 declined 80.50 points, or 0.34%, to settle at 23,865.75.
Crude Oil Prices
Oil prices traded modestly higher in early trade on Wednesday after reports that Iran is unlikely to hold talks with US envoys, rekindling concerns over the fragile ceasefire between the two countries following their four-month-long conflict.
Brent crude futures rose 50 cents, or 0.69%, to $73.45 a barrel, while US West Texas Intermediate (WTI) crude gained 63 cents, or 0.91%, to $70.13 a barrel, as investors monitored geopolitical developments for signs of renewed supply risks.
US-Iran Talks
Investor sentiment has been buoyed in recent weeks by hopes that diplomatic efforts could pave the way for a lasting resolution to the Iran conflict, despite intermittent military flare-ups.
On 17 June, the United States and Iran signed a memorandum of understanding aimed at ending the four-month-long conflict. However, fresh exchanges of fire over the weekend have raised concerns over the durability of the agreement. Adding to the uncertainty, a Qatari official, quoted by Reuters, said senior US envoys currently in Doha are not expected to hold a high-level meeting with Iranian officials, tempering expectations of an imminent diplomatic breakthrough.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a flat start for the Indian stock market today. By 7:45 AM, the Gift Nifty was trading around the 23,970 level, a discount of 39.1 points from the Nifty futures’ previous close of 24,009.10.
Ponmudi R, CEO of Enrich Money, said that while Gift Nifty is indicating a positive start, trading around the 24,000 mark compared with the previous session’s Nifty 50 close of 23,865, the broader market is expected to trade with a cautious undertone. Supportive global cues, including gains on Wall Street overnight and a positive trend across Asian equities in early trade, are likely to underpin sentiment at the open.
However, investors are expected to remain cautious at higher levels as uncertainty continues to surround the ongoing US–Iran negotiations in Doha. Market participants are closely tracking the second round of talks involving US envoys Steve Witkoff and Jared Kushner, while Iran’s continued insistence on full control over the Strait of Hormuz highlights unresolved differences over the proposed ceasefire framework. As a result, headline-driven volatility is likely to persist until greater clarity emerges on the diplomatic front.
Crude oil prices remain stable, trading in the $69–70 per barrel range, providing a supportive backdrop for India’s macroeconomic outlook. However, continued selling by foreign portfolio investors has tempered market optimism and remains a key factor limiting any meaningful recovery in domestic equities.
Fall in Japanese Yen
The Japanese yen weakened to a fresh 40-year low against the US dollar on Wednesday, while Dow futures traded lower after the benchmark index posted its strongest first-half performance in five years.
The yen slipped to 162.28 per US dollar, according to LSEG data, extending the previous session’s losses as investors remained alert for any possible intervention by Japanese authorities to stem the currency’s decline. Meanwhile, US equity futures edged lower following a strong rally on Wall Street, with the Dow Jones Industrial Average ending the first half of the year on a robust note.
Gold, silver rates today
Gold prices extended their decline on Wednesday after tumbling to a seven-month low in the previous session, as fading hopes of a lasting US-Iran peace agreement stoked inflation concerns and reinforced expectations that the US Federal Reserve could keep interest rates higher for longer.
Spot gold fell 0.6% to $3,981.69 per ounce as of 0112 GMT, after touching its lowest level since November on Tuesday. US gold futures for August delivery declined 1.1% to $3,994.40 per ounce.
Other precious metals also traded lower. Spot silver slipped 0.9% to $58.04 per ounce, platinum dropped 0.9% to $1,537.78, while palladium edged 0.2% lower to $1,202.33 per ounce.
India VIX today
Sachin Gupta, VP-Technical Research at Choice Broking, said the volatility index, India VIX, declined marginally by 0.07% to close at 13.60, indicating relatively stable volatility.
Stock market today
Speaking on the outlook for the Nifty 50 today, Ajit Mishra, SVP — Research at Religare Broking, said the Nifty 50 will remain range-bound until it decisively breaks out of the broader 20-day and 100-day EMA range of 23,800–24,200. On the sectoral front, most key sectors—barring IT—continue to contribute on a rotational basis, while the broader indices are maintaining their positive bias. We therefore recommend maintaining a stock-specific approach, with a preference for relatively stronger stocks within their respective sectors, while adhering to disciplined risk 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 bias, reflecting persistent selling pressure near higher levels despite the broader technical structure remaining constructive. From a technical perspective, the index first needs to reclaim the 58,000 psychological mark to improve near-term sentiment. A sustained move above the 58,200–58,300 resistance zone would reinforce bullish momentum and could extend the recovery towards the 58,600–58,700 region.
On the downside, the 57,600–57,500 region remains a crucial support zone. A decisive break below this band could intensify selling pressure and expose the index to the 57,200–57,000 support region.
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: Federal Bank Ltd, Ipca Laboratories Ltd, Life Insurance Corporation of India, HFCL Ltd, Steel Authority of India Ltd (SAIL), Transformers and Rectifiers (India) Ltd, Siemens Energy India Ltd, and Granules India Ltd.
Sumeet Bagadia’s stock recommendations today
Buy Federal Bank in cash at ₹330; SL at ₹318 ;TGT at ₹354
Buy Ipca Laboratories in cash at ₹1,701; SL at ₹1,640; TGT at ₹1,820
Ganesh Dongre’s buy or sell stocks
Buy Life Insurance Corporation at ₹432; SL at ₹422; TGT at ₹452
BUY HFCL at ₹212; SL at ₹205; TGT at ₹222
BUY SAIL at ₹174; SL at ₹166; TGT at ₹188
Shiju Koothupalakkal’s intraday stocks for today
Buy Transformers and Rectifiers cmp: ₹351 Target: ₹374 Stop loss: ₹342
Buy Siemens Energy India cmp: ₹3,683 Target: ₹3,840 Stop loss: ₹3,610
Buy Granules India cmp: ₹813 Target: ₹850 Stop loss: ₹795
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.
