Stock market today: Following weak global cues and the skyrocketing crude oil price after escalation in the US-Iran war, the Indian stock market reversed its recovery trend and witnessed a bloodbath on Dalal Street. The Nifty 50 index crashed 775 points and closed at 23,002. The BSE Sensex nosedived 2,496 points, closing at 74,207. The Bank Nifty index tumbled 1,875 points to close at 53,451.
Selling pressure was broad-based; all sectors ended in the red, reflecting widespread market weakness. Auto, realty, and financials emerged as the key laggards. The broader markets also saw significant declines, with both midcap and smallcap indices falling around 3% each.
Why was the Indian stock market down on Thursday, Ajit Mishra, SVP — Research at Religare Broking, said that a sharp rise in crude oil prices—driven by escalating tensions in the Middle East and concerns over supply disruptions—pushed prices closer to the $119 mark, adding to the negative sentiment.
“Furthermore, a hawkish stance from the U.S. Federal Reserve, along with continued foreign institutional investor outflows, weighed heavily on market sentiment. Additional pressure came from rupee weakness and rising concerns over inflation and economic growth,” the Religare Broking expert said.
What Gift Nifty live chart, Asian markets signal?
The Gift Nifty has opened upside, and the index future is oscillating around 23,150, showing around 150 points gain from Thursday’s close. The Gift Nifty Futures is oscillating around 23,250.
On what Gift Nifty live chart signals, Hariprasad K, Founder of Livelong Wealth, said, “Indian equities are expected to open on a flat to mildly positive note, with early indications from Gift Nifty hovering around the 23,150 mark. While weak global cues may continue to weigh on overall sentiment, the modest decline in crude oil prices is likely to offer some near-term support, helping to stabilise markets in early trade.”
In the global markets, the Asian equities advanced at the open on Friday after US stocks rebounded from session lows and oil retreated amid efforts by leaders of the US and Israel to calm concerns over the Iran war.
The MSCI Asia Pacific Index rose 0.3% after losing 2.6% in the last session, when strikes on energy assets in the Middle East stoked concerns of a prolonged economic impact from the war. S&P 500 futures also gained after the underlying benchmark finished the last session down 0.3%, recovering from a 1% drop. Brent opened lower on Friday. Japanese markets are closed for a holiday, meaning there will be no cash trading in Treasuries during Asian hours.
Gold, silver rates today
After a heavy beating on Thursday, the COMEX gold and silver rates today saw some value buying in early-morning Asian trade. The COMEX gold rate today opened with an upside gap and touched an intraday high of $4,681.20/oz. Currently, gold prices in the international market is oscillating around $4,665 per ounce levels.
Likewise, the COMEX silver rate today opened northward and touched an intraday high of $73.913 per ounce. Currently, the precious white metal is oscillating around today’s higher levels.
Speaking on the outlook for gold and silver rates today, Anuj Gupta, a SEBI-registered market expert, said that the undertone of precious metals is cautious, but a relief rally is expected after the easing incrude oil and US Dollar (USD) rates.
“The gold rate today is in $4,550 to $4,700 per ounce zone, whereas the MCX gold rate today is in ₹1,38,000 to ₹1,50,000 per 10 gm levels. A bullish or a bearish trend can be assumed on the breakage of either side of this range,” said Anuj Gupta.
On the outlook for the silver rate today, Anuj Gupta said the COMEX silver rate is in the $68.80 to $78 per ounce range, while the broader silver price range today is $62 to $85 per ounce. The MCX silver rate is in the ₹2,25,000 to ₹2,45,000 per kg range.
US-Iran war
Brent crude, which had surged sharply in recent sessions, has shown signs of moderation following reassuring commentary from US policymakers. Statements suggesting a potential easing of sanctions on Iranian oil supplies and a reduced likelihood of military escalation have helped cool immediate supply concerns. This has led to a partial unwind of the geopolitical risk premium in oil, offering some relief to equity markets, particularly for oil-importing economies like India.
India VIX today
Volatility remains a key concern for market participants. India VIX continues to trade above 22, reflecting persistent uncertainty driven by geopolitical developments. While volatility may remain high in the near term, any signs of de-escalation could trigger a sharp decline in VIX, leading to rapid compression in option premiums.
FII-DII data
FIIs remained net sellers on Thursday, offloading Indian shares worth ₹7,558 crore. In the index futures segment, FIIs sold shares worth ₹471 crore, and in the index options segment, they sold shares worth ₹1,093 crore.
However, DIIs remained net buyers, buying shares worth ₹3,864 crore in the cash segment.
Stock market today
On the outlook of the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “The overall chart pattern of Nifty remains weak, and Wednesday’s high of 23,862 could now be considered as a new lower top of the pattern. As per this bearish pattern, one may expect further weakness in Nifty in the near term. A slide below 22,900 could open the next downside target at the 22,500 level in the near term. Immediate resistance is placed at 23,350 levels.”
On the outlook of the Bank Nifty today, Vatsal Bhuva, Technical Analyst at LKP Securities, said the Bank Nifty index ended below the key 53,500 mark, forming a bearish candlestick that highlights continued selling pressure. From a technical perspective, the recent bounce after the sharp fall appears limited, reaching only the 23% Fibonacci retracement, indicating weak buying interest. Additionally, a hidden bearish divergence on the RSI points toward a likely continuation of the prevailing downtrend.
“The index may head towards the 52,000 level in the near term. On the upside, resistance is seen at 54,500, while immediate support is placed around 53,000. A sell-on-rise approach remains favourable below 56,200 levels,” the LKP Securities expert said.
Stocks to buy today
Regarding stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, recommended buying these five stocks: Safari Industries, Thomas Cook, ONGC, Power Grid Corporation, and OIL.
Sumeet Bagadia’s stock recommendations for today
1] Safari Industries: Buy at ₹1594, Target ₹1702, Stop Loss ₹1540; and
2] Thomas Cook: Buy at ₹98.77, Target ₹106, Stop Loss ₹95.
Ganesh Dongre’s buy or sell stocks
3] ONGC: Buy at ₹269, Target ₹285, Stop Loss ₹260;
4] Power Grid Corporation: Buy at ₹298, Target ₹312, Stop Loss ₹293; and
5] OIL: Buy at ₹477, Target ₹495, Stop Loss ₹460.
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.
