Markets Set for a Firm Start on Friday

Mumbai, Sept 10: Gift Nifty signalled a firmer opening for Indian equities on Friday, with the index trading at 23,460, up 43 points, or 0.18 per cent, as of the last available intraday price. The near-month Gift Nifty future, expiring September 29, had opened at 23,460 and touched an intraday high of 23,538.5, before sliding through the middle of the session to a low of 23,420, tracking Thursday’s choppy trade on Dalal Street, and paring back some of its gains toward the close. The steady positive close, even after a volatile intraday swing, suggests traders are cautiously optimistic heading into Friday’s open, extending the modest recovery seen on Thursday after three straight sessions of losses. 

Crude Oil Prices Climb 

Oil prices extended their climb on Thursday, with WTI crude rising 1.35 per cent to $97.35 a barrel and Brent crude adding 0.75 per cent to $101.97, holding above the $100 mark for a second straight session. The OPEC basket price was the standout mover, surging 4.46 per cent to $112.25, while gasoline rose 1.09 per cent and WTI Midland gained 1.31 per cent to $100.29. Murban crude and Mars crude were the lone decliners, easing 0.20 per cent and 2.68 per cent respectively, even as the broader crude complex remained firmly elevated on continued Gulf and Red Sea shipping disruptions. 

Asian Markets 

Asian markets closed broadly lower on Thursday, with Australia’s All Ordinaries falling 1.50 per cent and Hong Kong’s Hang Seng dropping 1.30 per cent, among the region’s steepest declines. Japan’s Nikkei 225 slid 0.84 per cent, while Malaysia’s KLCI and Pakistan’s KSE 100 fell 0.53 per cent and 0.40 per cent respectively. Vietnam’s HNX 30 and Thailand’s SET also traded weaker, down 0.79 per cent and 0.25 per cent, while mainland China’s Shanghai Composite slipped a comparatively modest 0.16 per cent. The broadly weaker close came as elevated crude prices and an escalating Middle East conflict continued to weigh on regional risk appetite. 

Sensex, Nifty Snap Losing Streak as Markets Steady 

Back home, Indian equity benchmarks snapped their three-session losing streak on Thursday, with the Sensex closing at 74,902.59, up 138.36 points, or 0.19 per cent, while the Nifty 50 gained 46.30 points, or 0.2 per cent, to settle at 23,477.80. The modest recovery came even as global markets remained under pressure, suggesting Indian equities found some stability after three consecutive sessions of steep declines tied to surging oil prices and the widening Iran-US conflict. 

The above Gift Nifty opening signal is based on current macro and geopolitical conditions holding steady overnight. Should the Iran war, crude oil prices or global risk sentiment shift meaningfully before trade resumes at 9:15 am, the actual opening could differ materially from what Gift Nifty is currently indicating. 

Iran War 

President Donald Trump said on Wednesday he expected the war with Iran to end after the November US midterm elections, even as he threatened again to attack a site associated with the Islamic Republic’s nuclear programme, following the two sides’ biggest wave of attacks on shipping since the six-month-old war began. Tensions in the region remained elevated, with Saudi civil defence authorities issuing emergency alerts in Khamis Mushait for the fourth time in 24 hours on Thursday as clashes flared with Yemen’s Iran-backed Houthis, who were reportedly edging closer to gaining more leverage over the Bab el-Mandeb Strait, a critical southern outlet of the Red Sea. The Wall Street Journal reported that top White House advisers, including Vice President JD Vance and Secretary of State Marco Rubio, have privately warned Trump that the conflict could extend through the remainder of his presidency, which ends in January 2029, though Reuters could not immediately verify the report. 

Source

• NSEIX.com
• OilPrice.com