Markets to Cheer Middle East De-escalation

Global markets navigated a volatile week marked by a hawkish Fed, easing Middle East tensions, and heavy Big Tech earnings. AI stocks initially weakened on fears over steep capex cycles but sentiment improved after Microsoft’s strong Azure-led beat. Crude fell over 6% as Iran signalled willingness for talks, easing global risk aversion. Japan’s FX intervention jolted currency markets, while Korean equities slid on chip‑sector unwinding.

Domestically, Indian equities broke out above key resistance, supported by softer crude, healthy monsoon progress and strong July auto sales. Near-term support lies at 23,800, with resistance at 24,530–24,778.