Gift Nifty Points to Muted-to- Cautious Open for Markets on Tuesday as Iran Talks, Falling Oil Offset Asian Decline

Mumbai, July 28: Indian equity benchmark indices Sensex and Nifty 50 are likely to open on a muted-to-cautious note on Tuesday going by Gift Nifty. Traders appear reluctant to commit to a strong directional bias as various cross-currents pull against one another. Iranian talks with Washington and falling oil prices for a second straight session are among positives lending support.
Tehran launched fresh drone attacks near its neighbours on Monday evening though, testing the tenuous ceasefire Washington announced over the weekend, and Asian markets fell on Tuesday morning.

As of 8:11 am on Tuesday, Gift Nifty’s futures contract for August 25, 2026, was trading at 23,996.50, down 48 points or 0.20 per cent from previous close. The soft open points to Nifty 50 opening with a mild negative bias and may represent a pause after Monday’s big 776-point rally in the Sensex. Traders will look to see if this early weakness persists during pre- open movements or narrows as the opening bell at 9:15 am approaches.  

Iran War: Trump Says US Having “Good Talks” With Iran 
President Trump said Sunday night the United States was having “good talks” with Iran and believed there was a chance for a deal, but if not strikes would resume. He later added that Iranian leaders “want to make a deal very much.”  

Even as Trump voiced optimism, Saudi Arabia, Jordan and Iraq all reported drone attacks on Monday, testing the pause in the US bombing campaign that Washington suspended over the weekend. Iran’s military accused the US of threatening vessels in its territorial waters and attempting an “illegal maritime blockade,” while Iranian state media said six ships attempting to cross the Strait of Hormuz without permission had been turned back. Tehran maintains it still controls the strait and denies formally requesting negotiations, even as informal messages continue through mediators.

On Tuesday morning Asian markets traded mixed. Japan’s Nikkei 225 was the worst performer, plunging 4.44 per cent, with Vietnam’s HNX 30 Index also tumbling 3.80 per cent. Pakistan’s KSE 100 Index bucked the downtrend sharply, surging 4.23 per cent higher, while Hong Kong’s Hang Seng added 0.61 per cent and Malaysia’s FTSE Bursa KLCI climbed 0.44 per cent. China’s Shanghai Composite slipped 0.81 per cent, Thailand’s SET index fell 1.21 per cent and Australia’s ASX All Ordinaries eased down 0.34 per cent. The sharply mixed moves in Asia comes as investors are still digesting how to price an extremely fragile Iran ceasefire and the subsequent implications for crude-dependent economies.  

US markets closed broadly higher on Monday. The Dow Jones Industrial Average gained 0.51 per cent to 52,210.08, while the S&P 500 ticked up 0.02 per cent at 7,413.18. The NYSE Composite Index rose 0.45 per cent, while the Nasdaq 100 was the lone decliner among major benchmarks, dipping 0.18 per cent to 24,932.08. Mexico’s S&P/BMV IPC plummeted 1.17 per cent and Canada’s S&P/TSX slid 0.56 per cent to drag down what was otherwise a broadly constructive North American session.  

Oil Prices  

Oil prices were down about 1 per cent on Tuesday as traders continued to digest the weekend pause in US strikes against Iran. Diplomatic efforts and hopes the Strait of Hormuz, a vital shipping lane for Middle East oil, may soon reopen and normalise energy flows pressured futures. Brent crude futures traded down 0.6 per cent at $87.82 a barrel, while US West Texas Intermediate crude fell 0.8 per cent to $81.95 a barrel. Both benchmarks fell as much as 1 per cent earlier in the session, touching their lowest levels in over a week. Analysts at RBC Capital Markets said the market had largely priced in the off-ramp announced by President Trump over the weekend. “The off ramp has likely removed much of the near term price spike seen over the past week,” they said in a note to clients. Yemen’s Houthi rebels, meanwhile, appeared poised to escalate the conflict by disrupting shipping in the Bab el-Mandeb strait which controls access to the Red Sea from the Gulf of Aden.  

Monday’s Close: Sensex, Nifty Snap 5-day Losing Streak  

Monday’s close: Sensex snapped a five-day losing streak by rallying 776.01 points or 1.02 per cent to 76,835.78. Nifty 50 ended at 23,995.95 after adding 228.50 points or 0.96 per cent, closing just below the key 24,000 mark. Positive global cues, falling crude oil prices, expectations of good earnings outcome and broad-based buying propelled buying interest among investors.  

•  https://www.reuters.com/world/middle-east/iran-says-it-still-controls-strait-not-seeking-talks-after-trump-halts-bombing-2026-07-27/
• https://www.reuters.com/markets/stocks/asia-pacific/
• https://www.reuters.com/business/energy/oil-prices-fall-1-investors-weigh-pause-us-strikes-iran-2026-07-28/