Gift Nifty Signals Muted Start for Sensex, Nifty on Wednesday

Mumbai, Sept 29: Indian markets are set for a muted opening on Wednesday at 9:15 am, with Gift Nifty futures signalling a cautious start after the Nifty fell for a second straight session on Tuesday.  

In a positive development, US and Iranian officials held separate talks with mediators on Monday as part of a renewed push to end seven months of war, officials from both countries told Reuters, with further discussions expected to focus on a revised version of Iran’s seven-day proposal, first put forward at the United Nations General Assembly last week. The war, which began in late February with US and Israeli strikes on Iran, has twice produced ceasefires that quickly unravelled, in April and June. 

The near-month Gift Nifty contract, expiring October 27, was quoted at 22,717, up 31.5 points, or 0.14 per cent, in intraday trade, after swinging between a high of 22,845 and a low of 22,585 through the session. The November contract stood at 22,850, flat from its previous close, while the October 27 contract was quoted 7 points lower at 22,823, down 0.03 per cent, reflecting a mixed near-term outlook. The wide 260-point intraday range points to continued volatility as markets weigh the Iran mediation news against elevated oil prices. 

Iran’s Plan, Trump’s Response 

Iran’s seven-day plan envisages an end to hostilities in Iran and Lebanon, the unfreezing of billions of dollars in Iranian assets, an end to oil sanctions and the lifting of the US blockade on Iranian ports, in exchange for reopening the Strait of Hormuz, a vital conduit for oil tankers, with both sides also resuming talks on Iran’s nuclear programme. Trump rejected the proposal on Saturday but told Axios on Sunday he expects further talks this week. Foreign Minister Abbas Araqchi said Iran is awaiting Washington’s definitive response and that only a negotiated solution can end the impasse. “If the Americans claim they are seeking an agreement or a peaceful solution, we have presented that solution,” Araqchi said. 

Asian Stocks End Mixed 

Asian markets closed mixed on Tuesday. Hong Kong’s Hang Seng fell 0.48 per cent to 24,523.57, Malaysia’s benchmark dropped 1.56 per cent and Taiwan lost 0.82 per cent to 47,631.96, while Japan’s Nikkei 225 declined 0.6 per cent to 65,481.27. China’s Shanghai and Shenzhen indices bucked the trend, rising 0.18 per cent and 0.34 per cent respectively, and Australia’s ASX 200 gained 0.34 per cent to 8,709.30. South Korea’s KOSPI slipped 0.27 per cent and Singapore’s Straits Times index eased 0.25 per cent, while New Zealand’s NZX 50 fell 1.06 per cent. 

Oil Prices Stay Elevated 

Brent crude rose around 1.5 per cent to USD 107 a barrel, extending Monday’s gains as concerns over potential Middle East supply disruptions outweighed signs of recovering exports from the region. Crude exports from major Middle Eastern producers rose to 12.8 million barrels per day in September, the highest since February, though much of the added supply moved through costlier shipping routes. Higher oil prices remain a concern for India, the world’s third-largest crude importer, given the pressure they add to the import bill and inflation. 

Sensex, Nifty Fall for Second Session 

The Sensex fell 242.65 points, or 0.33 per cent, to close at 72,529.07 on Tuesday, while the Nifty declined 64.05 points, or 0.28 per cent, to 22,716.20, settling below 22,750 on the monthly expiry day. Elevated crude prices, weak global cues and continued uncertainty over the US-Iran conflict kept investors cautious, though both benchmarks recovered from deeper losses earlier in the session. Investors will now watch Wednesday’s open closely for signs of stabilisation after two straight sessions of declines.

Source

•  nseix.com
•  https://www.reuters.com/world/middle-east/us-iran-set-hold-separate-talks-with-mediators-monday-or-tuesday-official-says-2026-09-28/
• https://www.cnbc.com/markets/us-markets/
• OilPrice.com