Gift Nifty Points to Firm Opening for Indian Markets on Tuesday

Mumbai, Sept 21: Indian markets are set to open higher on Tuesday, with Gift Nifty holding near its session high after a strong late rally, even as Asian markets closed Monday broadly higher, crude oil extended a sharp slide, and Iran’s standoff with the United States kept regional tensions elevated ahead of President Donald Trump’s meeting with Gulf leaders this week. 

Gift Nifty was trading at 23,439.50 in late trade, unchanged on the day after swinging through a wide intraday range, pointing to a firm opening for Indian equities on Tuesday once trade begins at 9.15 am. The October 27 contract was last at 23,497.50, similarly flat, keeping the near-term futures curve broadly in step with the September contract. 

The near-month contract, expiring September 29, opened at 23,330 and touched a low of 23,307 in early trade before staging a steady climb through the session to a high of 23,466.50, effectively reversing an early dip to end the day near its best levels. The round-trip move, from a soft open to a strong late-session rally, suggests improving risk appetite heading into Tuesday, even as global cues around crude prices and the unresolved Iran standoff remain the key swing factors for the opening bell. 

Oil Prices 

Crude oil extended its slide on Monday, deepening Friday’s pullback. Brent crude fell 3.13 per cent to $100.62 a barrel, while WTI crude dropped 3.07 per cent to $97.22. Murban crude, the key Gulf benchmark, tumbled 5.70 per cent to $111.20, one of the sharper single-day declines in recent weeks, as expectations of alternative export routes continued to outweigh concerns over the Saudi-Houthi fighting. Gasoline slipped 2.87 per cent to $3.426 and heating oil fell 3.32 per cent to $4.890, extending the broad-based retreat in energy markets even as the underlying regional conflict showed no signs of easing. 

Asian Stocks 

Asian markets closed Monday’s session broadly higher, led by South Korea’s Kospi, up 1.65 per cent, and Japan’s Nikkei, which advanced 1.38 per cent. Hong Kong’s Hang Seng climbed 1.18 per cent and Taiwan’s benchmark rose 1.14 per cent, while mainland China’s Shanghai Composite and Shenzhen Component also ended firmer, up 0.97 per cent and 0.65 per cent respectively. The broadly positive close across the region, coupled with India’s own Nifty 50 closing 0.29 per cent higher on Monday, set a constructive tone heading into Tuesday’s session. 

Iran War 

Iran’s central military command said Sunday it had received information suggesting the United States, backed by regional partners, could be preparing fresh military action against Tehran, warning that any new attack would trigger sustained strikes on US bases and interests across the region. Tehran also cautioned that countries assisting such operations would be treated as parties to the conflict, even as there have been no publicly reported US strikes on Iran for more than two weeks. President Trump, speaking to Fox News, said he was in “deciding mode” and that “very big things” could happen soon, outlining a deal with Washington, increased economic pressure or military action as the three possible paths forward. The standoff comes just as Trump prepares to meet leaders of six Gulf nations this week on the sidelines of the UN General Assembly in New York, a meeting seen as pivotal to the conflict’s next phase. 

NSE IPO 

The National Stock Exchange’s own initial public offering closed for subscription on Monday, the third and final day of bidding, after opening on September 17. The Rs 22,561.57 crore issue, entirely an offer for sale of 12,64,36,650 shares priced in a band of Rs 1,700 to Rs 1,785, was subscribed 3.97 times overall, with the qualified institutional buyer portion, excluding anchor investors, leading demand at 8.03 times, non-institutional investors at 5.20 times, and retail investors at 1.15 times. The issue drew 32,75,060 applications and is scheduled to list on the BSE on September 24. 

Indian equity benchmarks ended Monday’s session sharply higher, with the Sensex jumping 564.03 points, or 0.76 per cent, to close at 74,858.99, while the Nifty rose 103.75 points, or 0.44 per cent, to settle at 23,450.15. 

Source

• nseix.com
• oilprice.com
• CNBC, Reuters
• CNN
• Fox News
• nseindia.com
• Figures as of press time and subject to revision.