Markets Likely To Open Flat Over Iran's ‘State of Collapse’ Jitters

Mumbai, April 29: Indian equity markets are set to open nearly flat on Wednesday, with Gift Nifty futures pointing to a marginal gap up, as investors weigh a complex mix of signals. Investor sentiment turned cautious tracking concern over war in Iran and elevated crude oil prices which extended their rally through Tuesday’s session, apart from mixed Asian cues.

Gift Nifty futures contract for expiry May 26 2026 traded at 24,111.50 (Up 17 pts; +0.07%), at 8: 18 am on April 29; indicating the Nifty 50 will open around Tuesday’s close of 23,996 with a slight positive bias.

Asian shares Mixed

Shares in Asia traded mixed Wednesday morning with Hang Seng Index (+1.26%; 26,002.76) registering the biggest gain among its regional peers, Shanghai composite index rose 0.09% to 4,082.43, Malaysia KLCI was up 0.23%, while Nikkei 225 lost 1.02% at 59,917.46, JSX Indonesia dropped 0.48% and KSE 100 Pakistan slumped 0.64%.

US Markets

On Wall Street, stocks ended mixed Tuesday night as geopolitical tensions continued to simmer with Iran even after top leaders were killed last week and worries over lofty crude prices persisted Nasdaq down 0.90% at 24,663.80, S&P 500 dropped 0.49% to 7,138.80 and Dow Jones ended marginally lower by 0.05% at 49,141.93.

Iranian Guards Take Charge

Efforts to peacefully resolve tensions with Iran were dealt another blow Tuesday after President Trump poured cold water on Tehran’s latest proposal that would have put negotiations on its nuclear program on hold until the war was over and its disagreement over Strait of Hormuz resolved. Trump took to Truth Social to write “Iran just told us they are in a “State of Collapse” and want to open the Straights of Hormuz. They are working on their leadership decision.” This came after Iran’s Supreme Leader Ayatollah Ali Khamenei was reportedly killed on the first day of the conflict breaking out between Israel and the Middle Eastern nation. With the Ayatollah no longer alive to make the final call, Iran’s power has now fallen to the heads of various divisions under the Islamic Revolutionary Guard Corps, casting doubts over whether any of them have the authority to make a deal. With no single religious leader at the helm to arbitrate Iran’s final decision — something which has been the case since the Islamic Republic’s inception in 1979 expects the hardliners to take a tougher stance in negotiations.

Oil Price

Brent crude price rose 0.47% to $111.78 per barrel and WTI oil extended gains by 0.57% to $100.50 on optimism the US will keep Iran’s ports closed longer than previously expected, keeping supply from the Gulf trapped for weeks. The international benchmark climbed as much as 3.7% on Tuesday and is on track to rally for seven of the past eight sessions.

Earlier Session

The benchmark indices slipped into the red on Tuesday tracking volatile trade amid surging crude oil prices and geopolitical concerns. Sensex ended down by 417 pts or 0.54% to 76,887 and Nifty 50 dropped 97 pts or 0.40% to 23,996, breaching below the psychological level of 24,000 mark.

Source:

• nseindia.com
• https://www.reuters.com/world/asia-pacific/irans-guards-seize-wartime-power-blunting-supreme-leaders-role-2026-04-28/