The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a subdued note on Wednesday, tracking mixed global cues as optimism from gains in Asian and US markets is tempered by persistent concerns over the escalating US-Iran conflict.
Asian markets traded higher, while Wall Street closed in positive territory overnight, supported by strength in banking and semiconductor stocks.
On Tuesday, domestic equities ended lower as heightened geopolitical tensions and elevated crude oil prices weighed on investor sentiment.
The BSE Sensex fell 561.46 points, or 0.72%, to close at 77,054.94, while the NSE Nifty 50 declined 158.95 points, or 0.66%, to settle at 24,052.05.
US-Iran Conflict
Geopolitical tensions remained elevated after US President Donald Trump reinstated a naval blockade on all Iranian ports and warned of strikes on Iran’s power plants and bridges next week if Tehran refuses to return to negotiations. The US military also launched fresh strikes on Iran for a fourth straight day. In response, Iran said it had once again shut the Strait of Hormuz following the renewed hostilities.
US Inflation
US inflation cooled more than expected in June, boosting hopes that price pressures may be easing. The Consumer Price Index (CPI) rose 3.5% year-on-year, down from 4.2% in May and below economists’ expectations of 3.8%. On a monthly basis, the CPI declined 0.4%, compared with a 0.5% increase in May, while economists had anticipated a 0.1% decline, according to a Reuters poll.
Gold Price Today
Gold prices were little changed after softer-than-expected US inflation data strengthened expectations of a more accommodative monetary policy. Spot gold held steady at $4,054.36 an ounce, while silver gained 0.2% to $58.80 an ounce.
Crude Oil Prices
Crude oil prices extended gains as renewed geopolitical tensions in the Middle East stoked concerns over potential supply disruptions. Brent crude advanced 1.72% to $86.19 a barrel, while US West Texas Intermediate (WTI) crude climbed 1.4% to $80.40 a barrel after the US reinstated a naval blockade on Iranian ports.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a muted start for the Indian stock market today. By 7:43 AM, the Gift Nifty was trading around the 24,041 level, a premium of 17 points from the Nifty futures’ previous close of 24,024.20.
Ponmudi R, CEO of Enrich Money, said that Indian markets are expected to open on a steady note, with Gift Nifty trading around 24,049, broadly in line with the Nifty’s previous close of 24,052, indicating a flat-to-steady start.
However, underlying sentiment is likely to remain cautious as geopolitical tensions in the Middle East continue to dominate investor focus. The United States and Iran have continued to exchange missile strikes, keeping concerns over regional stability elevated and pushing crude oil prices above $85 per barrel amid fears of prolonged disruptions to global energy supplies. Persistently higher oil prices are expected to remain a key headwind for import-dependent economies such as India by adding to inflationary pressures and concerns over the current account deficit.
Stock market today
Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, said the Technically, we continue to maintain our consolidation view on the Nifty, with the 23,800–24,000 zone expected to provide immediate support, while the 24,300–24,400 region is likely to act as the key resistance band. Despite the range-bound movement in the benchmark index, rotational buying and improving relative strength across sectors continue to offer ample stock-specific trading opportunities.
On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes the Bank Nifty continues to exhibit a cautious technical bias, with the index facing selling pressure at higher levels. From a technical standpoint, the 58,000 psychological mark remains the immediate and crucial resistance. A sustained breakout above this level would strengthen recovery momentum and could pave the way for an advance towards the 58,400–58,600 region.
On the downside, the 57,200–57,000 zone continues to serve as an important support area. A decisive break below this range could revive selling pressure, exposing the index to further downside towards the 56,700–56,600 support zone. Overall, the near-term technical outlook remains cautious with a mildly negative undertone. A decisive move above the 58,000 resistance is essential to improve the technical outlook, while a breach below the 57,000 support zone could trigger another leg of weakness.
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: JB Chemicals & Pharmaceuticals Ltd, Adani Green Energy Ltd, Route Mobile Ltd, Bank of Baroda, Varun Beverages Ltd, ABB India Ltd, and Ather Energy Ltd.
Sumeet Bagadia’s stock recommendations today
Buy JB Chemicals & Pharmaceuticals in cash at ₹2,488; SL at ₹2,400; TGT at ₹2,660
Buy Adani Green Energy in cash at ₹1,605; SL at ₹1,550; TGT at ₹1,717
Ganesh Dongre’s buy or sell stocks
Buy Route Mobile at ₹570; SL at ₹555; TGT at ₹600
Buy Bank of Baroda at ₹246; SL at ₹242; TGT at ₹253
Buy Varun Beverages at ₹470; SL at ₹460; TGT at ₹490
Shiju Koothupalakkal’s intraday stocks for today
Buy ABB India cmp: ₹6,890; Target: ₹7,250; Stop loss: ₹6,770
Buy Ather Energy cmp: ₹1,201; Target: ₹1,255; Stop loss: ₹1,175
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.
