Gift Nifty Points to Flat-to-Positive Open for Markets on Wednesday; Iran War Looms Large

Mumbai, July 1: Indian stock markets are likely to open flat-to-positive on Wednesday with Gift Nifty futures exhibiting marginal weakness amid Iranian refusal to hold talks with US envoys in Doha threatening fragile ceasefire deal which has been aiding risky assets lately. 

Indian benchmarks are expected to pare their early losses and open in a tight range as overnight bullish cues from Wall Street led by Nasdaq Composite which rallied 1.52% on Tuesday along with lower crude oil prices witnessed earlier today offers support to sentiment, but Iran’s uncompromising stance on terms for ceasefire may keep markets from posting any meaningful directional move at the open as geopolitical concerns continue to form an integral part of daily market movements now. Investors will also keep an eye on IT stocks which turned out to be Tuesday’s biggest loser with Nifty IT crashing nearly 2.7% during the session and may witness some recovery during today’s session as well. 

Gift Nifty Trends 

Gift Nifty Futures for Series 28- July-2026 contract was trading at 23,986.50, down 16.50 points or 0.07% as of 07:16 AM on Jul 01, 2026. If the Nifty 50 opens near the Gift Nifty futures level, it is likely to open marginally lower compared to previous close of 23,865.75. 

Iran War 

Iran refused to meet US President Donald Trump’s top envoys Jared Kushner and Steve Witkoff in Doha on Tuesday, keeping investors guessing on whether the ceasefire agreed upon last week will hold between the world’s top economies even as US President Donald Trump said American troops are “ready to go” if Iran restarts its conflicts with the US. 

Iran and Qatar, the host nation for talks between Iran and the US, separately indicated that the US delegation would meet with mediators rather than officials from Iran. Iranian Foreign Ministry spokesman Esmaeil Baghaei told reporters that “there is no schedule for meeting with Americans in the next few days.” Separately, Iranian officials told Reuters news agency that Iran and the US needed to first sort out logistics of June 17 truce before agreeing to discuss demands to limit Iran’s nuclear programme. 

The Wall Street Journal reported that Trump has considered resuming all-out war against Iran multiple times in recent weeks, speaking with Defence Secretary Mark Esper and Joint Chiefs Chairman General Mark Milley about mounting fresh strikes against Iran. Trump later told reporters that while military action remains on the table “we’re giving diplomacy a chance to work”. 

Asian Markets on Wednesday Morning 

Asian markets traded lower on Wednesday morning. Indonesia’s Jakarta Composite was the biggest loser among Asian indices, tumbling 3.05%. Hong Kong’s Hang Seng Index gave up 0.63%. Japan’s Nikkei 225 surged 0.67%, while Thailand’s SET Index climbed 0.85%. Australia’s ASX All Ordinaries dropped 0.14%, Malaysia’s KLCI traded with a marginal loss. Shanghai’s composite index remained unchanged (directionless). 

US Markets on Tuesday Close 

US markets rose on Tuesday. Nasdaq Composite surged 1.52%, while S&P 500 advanced 0.79%. Dow Jones Industrial Average gained 0.26% and NYSE Composite climbed 0.13%. Canada’s S&P/TSX Composite ticked up 0.10%, recovering from Monday’s marginal loss. Mexico’s S&P/BMV IPC Index was the only loser, shedding 1.00%. 

Oil Prices 

Brent crude futures traded 50 cents or 0.69% higher at $73.45 per barrel. US West Texas Intermediate crude futures rose 63 cents or 0.91% to $70.13 per barrel. Iranian refusal to hold talks with US officials renewed concerns over supply disruptions through Strait of Hormuz Strait. Iranian Oil Minister Bijan Namdar Zanganeh told state TV on Tuesday that Iran will boost crude oil production if sanctions are lifted. In the United States, crude oil inventories declined by 6.1 million barrels for the week ended June 26, data from the American Petroleum Institute showed on Tuesday. Analysts were expecting inventories to fall by 2.4 million barrels. 

Sensex and Nifty Closing 

Indian benchmark indices gave up their early gains to end lower on Tuesday, June’s last trading session as selling in IT stocks negated positive contributions from Auto, Realty and Consumer-Facing shares. BSE Sensex dropped 249.70 points or 0.33% to close at 76,478.67, while Nifty 50 shed 80.50 points or 0.34% to end at 23,865.75 breaching the crucial support zone of 23,900. Advancers outnumbered decliners on the NSE with around 2250 stocks advancing against 1805 stocks declining.

Source

•  nseindia.com