Gift Nifty Points to Positive Start for Sensex, Nifty on Thursday

Mumbai, Sept 30: Indian markets are set for a modestly positive opening on Thursday at 9.15 am, with Gift Nifty futures holding above Wednesday’s close even as elevated crude oil prices and a stalemate between the US and Iran kept sentiment fragile through the session.

In a sign that diplomatic efforts have not entirely stalled, Qatar said on Tuesday it was continuing shuttle diplomacy between Washington and Tehran in an attempt to find a breakthrough, even after US President Donald Trump denied reports that he had offered Iran sanctions relief in exchange for concessions on its nuclear programme. The war between the US and Iran, now in its eighth month, has yet to yield an agreement to reopen the Strait of Hormuz, keeping traders cautious heading into Thursday’s session. 

Gift Nifty Near Thursday’s Open 

The near-month Gift Nifty contract, expiring October 27, was quoted at 22,659.50 in intraday trade, unchanged from its previous close, after swinging between a high of 22,892 and a low of 22,650 through the session, having opened at 22,819. The November contract stood higher at 22,908, pointing to a steadier undertone further out on the derivatives curve. With the near-month contract trading nearly 39 points above the Nifty’s Wednesday close of 22,620.45, Gift Nifty is indicating a mildly positive start for the Sensex and the Nifty when trade resumes on Thursday, though the wide intraday swing points to continued two-way volatility. 

Asian Stocks End Mixed 

Most Asian markets ended higher on Tuesday, led by Japan’s Nikkei 225, which jumped 1,272.45 points, or 1.94 per cent, to 66,753.72, while Australia’s ASX 200 gained 0.92 per cent to 8,789.30 and Taiwan added 0.65 per cent to 47,940.13. Hong Kong’s Hang Seng rose 0.37 per cent to 24,613.27, Malaysia’s benchmark gained 0.44 per cent and mainland China’s Shanghai Composite edged up 0.31 per cent, even as the Shenzhen Component slipped 0.11 per cent. South Korea’s Kospi bucked the regional trend, falling 0.48 per cent to 6,838.04, while Thailand’s SET index tumbled 2.21 per cent and Singapore’s Straits Times index eased 0.68 per cent. New Zealand’s NZX 50 outperformed the region, climbing 1.1 per cent, while the SGX-CNBC China Growth gauge added a modest 0.1 per cent. 

Oil Prices Stay Mixed 

Crude oil prices edged higher on Tuesday, with Brent crude, the global benchmark, rising 0.87 dollars, or 0.85 per cent, to settle at 103.46 dollars a barrel, while West Texas Intermediate crude added 0.95 dollars, or 1.06 per cent, to 90.33 dollars a barrel. Natural gas and heating oil futures also firmed, up 0.96 per cent and 2.08 per cent respectively, even as Murban crude and the Opec Basket price slipped, down 1.98 per cent and 0.91 per cent. The mixed moves came against the backdrop of the prolonged US-Iran war, which has kept a floor under prices even as some contracts eased on signs of steadier regional supply. Elevated crude remains a concern for India, the world’s third-largest oil importer, given the pressure it adds to the import bill and inflation. 

Qatar Presses US-Iran Peace Push 

Qatari mediators said on Tuesday they were exchanging messages between Washington and Tehran in an effort to reach a deal that would end the eighth-month-old war, even as Trump denied media reports that he had been willing to ease sanctions and release frozen Iranian funds in return for nuclear concessions. Trump told reporters that Iran was performing badly under the pressure of the war and reiterated that Tehran must not be allowed to obtain a nuclear weapon, while Iranian President Masoud Pezeshkian said his country was ready for talks but would not accept “bullying or coercion.” The stand-off follows Trump’s rejection of an Iranian proposal for a seven-day countdown to reopening the Strait of Hormuz, a plan Tehran says Washington has still not formally rejected through mediators. 

Sensex, Nifty Close Lower 

The Sensex closed 48.78 points, or 0.07 per cent, lower at 72,480.29 on Wednesday, while the Nifty fell 95.75 points, or 0.42 per cent, to 22,620.45, with both benchmarks failing to hold early gains through a volatile session. Losses in metal and pharmaceutical stocks, which fell more than 1 per cent each, dragged on the Nifty, even as buying in PSU banks, private banks, realty and media stocks, led by ICICI Bank (ICICIBANK) and Kotak Mahindra Bank (KOTAKBANK), helped cushion the decline.  

Market breadth on the NSE stayed marginally negative, with 2,051 shares advancing against 2,135 declining and 187 unchanged, while the Nifty Midcap index ended flat and the Nifty Smallcap index added 0.2 per cent. Among individual stocks, ICICI Bank, Kotak Mahindra Bank, InterGlobe Aviation (INDIGO), Wipro (WIPRO) and Tech Mahindra (TECHM) were the top Nifty gainers, while Max Healthcare (MAXHEALTH), Apollo Hospitals (APOLLOHOSP), SBI Life Insurance (SBILIFE), Eternal (ETERNAL) and ONGC (ONGC) were among the biggest losers.

Source

•  nseix.com