Gift Nifty Points to Flat Open; US Senate Iran War Vote, India-US Trade Talks Offer Optimistic Backdrop 

Mumbai, June 24: Indian equity markets are set for a flat to muted open on Wednesday, with Gift Nifty futures pointing to a near-unchanged start even as the broader backdrop carries a distinctly constructive tone. The US Senate voted to direct President Trump to halt military action against Iran, adding institutional weight to the peace process and reducing the risk of a conflict resumption.  

Adding to the positive sentiment, Commerce and Industry Minister Piyush Goyal met US Trade Representative Jamieson Greer on Tuesday as both sides pushed to finalise an interim trade pact ahead of July 24, when Washington’s temporary 10% tariff on imports from trading partners is set to lapse. Despite these encouraging developments, Tuesday’s sharp domestic selloff and weak global cues are expected to keep the opening cautious. 

Also Read: Understanding India VIX: What 15 vs 25 Means for Your Portfolio Risk in Plain Language 

Gift Nifty futures were trading at 23,865.00, down just 2.50 points or 0.01%, as of 07:57 am on June 24, 2026, a near-flatline reading that offers little directional conviction either way. The figure sits below Tuesday’s Nifty 50 closing level of 23,824.10, suggesting the index could open broadly flat to marginally higher, with early institutional flows and the tone of Asian markets likely to determine whether the session tilts positive or extends Tuesday’s profit-booking selloff. 

Iran War 

The US Senate on Tuesday voted 50-48 in favour of a war powers resolution directing President Trump to halt US military action against Iran, making it the first time both chambers of Congress had passed such a resolution since the War Powers Act was enacted in 1973. Four Republicans joined Democrats in backing the measure, reflecting growing unease within the ruling party about an unpopular conflict ahead of November mid-term elections, even as a Reuters/Ipsos poll showed just one in four Americans believe the war with Iran was worth its costs.  

Asian Markets on Wednesday Morning 

Asian markets were trading with a largely negative bias on Wednesday morning, weighed by Tuesday’s steep Wall Street selloff and continued investor caution over the pace of the Iran peace process. Japan’s Nikkei 225 fell 0.55% to 69,407.92, the Shanghai Composite declined 0.26% to 4,095.50, and Indonesia’s JSX Composite slipped 0.25% to 6,101.33. Malaysia’s FTSE Bursa KLCI dropped 0.69% to 1,689.14 and Pakistan’s KSE 100 eased 0.44% to 1,77,692.92, while Vietnam’s HNX 30 was the sharpest decliner in the region, falling 2.30% to 512.93. Australia’s S&P ASX All Ordinaries and Hong Kong’s Hang Seng were the lone bright spots, gaining 0.32% to 9,017.00 and 0.10% to 23,358.85 respectively, though the gains were too modest to offset the broader regional weakness. 

Tuesday Session of US Markets  

US markets ended Tuesday’s session firmly in the red, with technology stocks leading a broad selloff that sent the Nasdaq Composite tumbling 2.21% to 25,587.04 and the S&P 500 declining 1.44% to 7,365.46 in the sharpest single-session fall in several weeks. The Dow Jones Industrial Average was relatively resilient, slipping just 0.09% to 51,666.84, while the NYSE Composite fell 0.56% to 23,463.63 and the S&P/TSX Composite in Canada declined 0.21% to 34,927.38. The tech-driven selloff was the dominant theme of the session, with investors reassessing growth valuations amid a backdrop of easing geopolitical risk premium and softer oil prices. 

Oil Prices 

Oil prices extended their decline on Wednesday, with Brent crude falling 0.5% to $76.71 a barrel and US West Texas Intermediate slipping 0.5% to $72.85 a barrel as of early Asian trade, with both benchmarks hovering near four-month lows touched in the previous session. Prices have been under sustained pressure this week after the US granted Iran a 60-day sanctions waiver following initial peace talks, raising expectations of a gradual resumption of Iranian crude flows through the Strait of Hormuz.  

Sensex & Nifty on Tuesday 

Indian benchmark indices suffered a sharp selloff on Tuesday, with the BSE Sensex plunging 893.39 points, or 1.16%, to close at 76,200.68, while the NSE Nifty 50 declined 278.80 points, or 1.16%, to settle at 23,824.10, as investors booked profits aggressively after the recent rally. The selloff was compounded by weak domestic data, with India’s private sector activity moderating to a three-month low in June as growth in both services and manufacturing lost momentum, with services activity expanding at its slowest pace in 17 months. Market breadth was decisively negative, with 2,678 stocks declining against just 1,420 advancing, pointing to widespread selling pressure rather than a selective correction. 

Source:

•  NSE India