Gift Nifty: Markets 0pen with Guarded Optimism 

Mumbai, April 16: Gift Nifty Futures traded at 24,315, down 31.50 points or 0.13% at 8 am on Thursday. Indian markets, like global markets, are opening with optimism led by fresh hopes of diplomatic deal to end the crisis.

White House Hopeful of Deal to End War

The White House expressed optimism about reaching a deal to end the war with Iran, while simultaneously warning of escalating economic pressure on Tehran if it chooses defiance over dialogue. In a significant development, a source briefed by Tehran told Reuters that Iran could consider allowing ships to sail freely through the Omani side of the Strait of Hormuz if a conflict-ending deal is reached.

Asian Shares Jump

Asian markets responded with notable positivity overnight. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.3%, marking a third straight session of gains, while Japan’s Nikkei surged 1.5%. S&P 500 e-mini futures also nudged higher by 0.1%, reflecting a broadly risk-on tone across the region.

Rupee Versus Dollar

The rupee has stayed flat on Wednesday. It ended nearly flat at 93.3725 per dollar versus previous close of 93.3750. Rupee was cushioned by fall in crude prices but dollar buying from domestic importers, including oil marketing companies, prevented rupee from scaling any significant highs. Although rupee has witnessed geopolitical tensions across the globe, rupee’s resilience is backed by India’s strong macroeconomic fundamentals.

US Markets Surged on Hope of Diplomacy Between US and Iran

The S&P 500 rose 0.80% to reach an all-time high close of 7,022.95, while the Nasdaq Composite rose 1.59% to reach 24,016.02 for its eleventh session of gains. The Dow Jones drifted lower by 72 points.

Indian equity benchmarks surged on Wednesday boosted by positive global cues and optimism that the US and Iran may resolve tensions diplomatically. Markets will open largely flat led by Gift Nifty which is opening with mild gap down on Wednesday. Markets will witness strong buying on initial weakness as global markets are set to open with optimism.

Source:

• www.nseindia.com