Gift Nifty Points to Cautious Gap Down Open Amid Ceasefire Hopes 

Mumbai, April 17: Gift Nifty Futures is trading 24,177.50 down by 36.50 points or 0.15% as of 08:36 am on Friday. India markets are set to open gap down today meaning they are likely to open below their previous day’s closing price with “no trading activity” in-between as visible on price charts.

Despite the negative start, the broader sentiment remains one of cautious optimism, with global developments around the Iran war and a fresh Lebanon-Israel ceasefire offering a constructive backdrop that could limit the downside and attract dip buyers through the session.

A ceasefire went into effect Thursday between Lebanon and Israel. At the same time President Donald Trump raised hopes of a US-Iran meeting over the weekend that has injected fresh vigor in expectations that the Middle East conflict could finally be seeing a conclusion in sight.

Iran War: Deal Optimism Builds as Iran Extends Olive Branch

On Thursday alone, there were several developments around the Iran war that point towards an imminent deal being agreed upon by both parties. Trump stated that Iran had reached out and told him that they don’t want to have nuclear weapons “for over 20 years”.

This could go a long way in solving one of the primary issues that remained unresolved at last weekend’s talks between Iran and US allies that took place in Islamabad. In comments to reporters outside the White House Trump said, “We’re very close to making a deal with Iran”. Trump added at a later event in Las Vegas, “It should be ending pretty soon”, while also referring to the war in Iran. Just minutes ago Trump tweeted that Israel and Lebanon are having their first conversation in 34 years with their leaders speaking to each other directly after Israeli and Lebanese ambassadors met face-to-face in Washington DC Thursday for the first time in over three decades.

Asian Shares Mixed as Investors Wait and Watch

Asian shares traded mixed on Friday as investors awaited fresh cues over the weekend from the likely US-Iran talks that are now expected to take place on Sunday.
Japan’s Nikkei 225 traded lower by 0.99% to 58,930.87 and Hong Kong’s Hang Seng Index lost 1.00% to 26,129.52 with profit booking dominating sentiment on the regional heavyweights. In sharp contrast, Pakistan’s KSE 100 jumped 0.83% to 1,69,911.95 and Malaysia’s KLCI rose 0.33% on optimism surrounding ceasefire developments in their respective regions. Rest of the Asian pack was rangebound for most parts of the trading session.

Wall Street Ends Positive Thursday

On Wall Street, the S&P 500 rose 0.26% to close at 7,041.28 and the Nasdaq Composite added 0.36% to finish Thursday’s trading at 24,102.70. The Dow Jones Industrial Average rose by 115 points or 0.24% to close at 48,578.72.

Oil prices Extend Overnight Losses

Oil prices slumped over 1% each in early Friday trade as hopes for a ceasefire in the Middle East drove selling in energy markets.
International benchmark Brent crude futures fell $1.34 or 1.35% to $98.05 per barrel. US West Texas Intermediate crude also declined $1.65 or 1.74% to trade at $93.40 per barrel.
Oil crash provides big relief to India as key inflation driver A crash in oil prices is welcome news for India which imports nearly 80% of its crude oil requirements to meet domestic demand. India is the world’s third-biggest oil importer.

Source:

• NSE