Gift Nifty Points to Positive Open for Markets on Thursday

Mumbai, June 25: Gift Nifty was trading slightly higher in early trade Thursday as weak crude prices and positive global cues boosted investor sentiment. The macro picture ahead of Thursday’s open has somewhat less fireworks than recent sessions. The Iran-driven flare up has started to simmer down as oil prices continue to fall back towards pre-war levels.

Gift Nifty Reading

Gift Nifty’s near-month futures contract, FUTIDX 30-Jun-2026 traded at 24,118.50, up 24.00 points or 0.10%. The contract saw a steady recovery through Wednesday’s intraday session: it opened at 23,865.50, dropped to an early low of 23,772.50, rose to an intra-day high of 24,109.50 through late afternoon trade and then ran into profit booking at the close. Thursday’s early read on Gift Nifty trades above that close, taking the recovery further though the move is lacklustre compared to percentage moves seen earlier in the week.

Iran War

U.S. President Donald Trump’s administration requested Congress approve $87.6 billion in supplemental funding Wednesday, including $67.15 billion towards military spending related to the conflict in Iran, drawing criticism from both Democrats and Republicans. Trump also reportedly clashed with Republican Senator Bill Cassidy during a Congressional lunch over a framework agreement signed by both parties last week, with Cassidy pushing back over whether the deal met the original objectives set for going to war with Iran. Tuesday, the Senate narrowly voted 50-48 along party lines to order Trump to cease military operations in Iran, though the White House argued the measure carried no legal standing. Markets have instead focused on the slow trickle of tankers passing through the Strait of Hormuz that has resumed since the ceasefire went into effect.

Asian Markets

Asian markets on Thursday morning were mixed, with Japan’s Nikkei 225 the standout gainer, rising 3.87% to 71,854.88, while Pakistan’s KSE 100 added 1.06% to 179,571.27. Hong Kong’s Hang Seng fell 1.72% to 23,010.29, and Indonesia’s JSX Composite declined 3.56% to 5,883.88, with the latter’s sharp drop reflecting domestic factors alongside broader caution. Australia’s S&P ASX All Ordinaries slipped 0.47% to 8,970.00, and Malaysia’s FTSE Bursa KLCI eased 0.44% to 1,672.47. The Nikkei’s outperformance was the dominant regional headline, though the broader Asian picture remained uneven.

US Markets

Wall Street ended Wednesday on a mixed note. The Dow Jones Industrial Average closed higher Wednesday, rising 182.06 points or 0.35% to 51,848.90. The S&P 500 saw marginal weakness (-0.10%) to finish at 7,358.22 and the Nasdaq Composite dipped 0.43% to close at 25,476.64. The NYSE Comp also saw modest buying, rising 0.13% to 23,493.55. Technologically heavy stocks sold off during the session but weakness was offset by buying in cyclicals.

Oil Prices

Oil Prices West Texas Intermediate crude futures traded lower Thursday, falling 0.38% to $70.07 a barrel while August Brent crude dropped 0.54% to $73.34 per barrel on reports tankers have started to move through the Strait of Hormuz. Secretary of Energy Rick Perry said Wednesday tanker traffic through the Strait was approaching pre-war levels, estimating upwards of 20 million barrels moved through the waterway in the prior 24-hour period though full activity would take weeks as minesweeping continued. India imports over 85% of its crude oil needs, making every dollar fall in oil prices a direct positive for the country’s current account deficit and CPI outlook.

Wednesday Closing: Sensex and Nifty

Indian benchmark indices recovered well on Wednesday, with the Sensex advancing 790.54 points or 1.04% to close at 76,991.22 and the Nifty 50 gaining 197.55 points or 0.83% to settle at 24,021.65, as Brent crude sliding below $76 per barrel encouraged broad-based buying. Market breadth was positive on the NSE, with 2,107 stocks advancing against 1,970 declines and 162 stocks unchanged. The recovery followed Tuesday’s sharp selloff and helped restore confidence heading into Thursday’s session.

Source:

• nseindia.com