Gift Nifty Points to Flat-to-Marginally Weak Open for Markets on Wednesday as Iran War, Oil Prices Stay in Focus

Mumbai, July 28: Gift Nifty futures ended Tuesday’s session on a mildly weak note, pointing to a flat-to-marginally-weak start for Nifty 50 and Sensex when Indian markets reopen at 9:15 am on Wednesday, July 29, even as investors continued to track the fallout of the Iran-US conflict and its bearing on crude oil prices. 

The near-month July 28, 2026 contract of Gift Nifty last traded at 23,988.5, down 9 points, or 0.04 per cent, on the day. The far-month September 29, 2026 contract, in contrast, held unchanged at 24,933.50, showing little directional conviction ahead of Wednesday’s open. The narrow slippage in the near-month contract points to a largely rangebound opening bias for Indian benchmarks, with traders likely to draw further cues from Asian markets and overnight developments in the Middle East before committing to a clear direction. 

Gift Nifty Intraday 

The near-month contract opened Tuesday’s session at 23,985.5 and climbed to an intraday high of 24,042.5, before slipping to a low of 23,946.5 as the session wore on. It settled near 23,988.5, down marginally by 9 points, or 0.04 per cent, on the day. Support for Wednesday’s session is placed at 23,946.5 (Tuesday’s low) and resistance at 24,042.5 (Tuesday’s high), with Indian benchmark indices likely to open in the 23,950-24,040 zone, tracking Gift Nifty’s flat-to-weak close. 

Iran War Updates 

The fragile pause in direct hostilities between the United States and Iran held through Tuesday, though neither side has issued a formal ceasefire declaration. Tehran continued talks with Oman over reopening safe passage through the Strait of Hormuz, even as it warned that fresh provocations against Iranian assets “cannot go unanswered”. Iran-backed Houthi rebels in Yemen claimed renewed attacks over the weekend on facilities linked to Saudi Aramco near the Red Sea ports of Jizan and Yanbu, keeping regional shipping risks elevated. Investors remained wary that the calm could break down without much warning, as has happened repeatedly through the course of this conflict, with markets likely to stay headline-driven through the week. 

Oil Prices 

Brent crude held steady near $90 a barrel on Tuesday, broadly holding on to Monday’s sharp decline as the US-Iran pause continued to ease fears of a prolonged Strait of Hormuz disruption. The US crude benchmark, WTI, hovered near $83 a barrel, tracking Brent’s muted overnight moves. Even after the recent pullback, both benchmarks remain sharply higher for the month, reflecting the scale of the supply disruption triggered by the conflict since early July. The relative stability in crude offered some comfort for India, a major oil importer, even as the Houthi attacks on Saudi assets kept a floor under prices. 

Gift Nifty’s marginally weak close on Tuesday suggests Sensex and Nifty 50 are likely to open without a strong directional bias on Wednesday, with steady crude oil prices offering only limited support even as investors stay watchful of whether the US-Iran pause holds through the week. Should the calm break down or the Houthi attacks on Saudi assets escalate further, sentiment could turn quickly, given how sharply oil prices and equity markets have swung through the course of the conflict so far. 

It should be noted that Gift Nifty is only an indicative pointer to the likely opening trend for Sensex and Nifty 50, not a guaranteed forecast. Actual opening levels on Wednesday can diverge from current Gift Nifty cues due to overnight developments in Asian markets, fresh headlines on the Iran-US conflict, or shifts in crude oil prices between Tuesday’s close and the 9:15 am bell. The prediction, therefore, holds only so long as no major overnight surprise alters the prevailing risk sentiment. 

Source

• nseix.com