Markets Set for a Firm Start on Tuesday

Mumbai, Sept 11: Gift Nifty signalled a firmer opening for Indian equities on Tuesday, with the index trading at 23,455.50, unchanged from the previous close, as of the last available intraday price. Trading at NSE and BSE will remain shut on Monday, September 14, on account of Ganesh Chaturthi, meaning Indian markets will next open for trade on Tuesday, September 15. The near-month Gift Nifty future, expiring September 29, had opened at 23,425.50 and touched an intraday high of 23,486.50, before dipping to a low of 23,254 in early trade, then staging a sharp recovery through the afternoon to close near its highs. The strong intraday rebound suggests traders are turning cautiously optimistic heading into the extended weekend, giving the market extra time to digest this week’s volatile swings before regular trade resumes. 

Oil Prices Tumble 

Oil prices fell sharply on Friday, with WTI crude dropping 3.38 per cent to $99.02 a barrel and Brent crude tumbling 3.70 per cent to $103.65, retreating from the highs touched earlier in the week. WTI Midland fell a similar 3.18 per cent to $102.08, while Murban crude eased 2.02 per cent to $120. Not every benchmark joined the decline, however, with Mars crude rising 4.19 per cent to $116.52 and the OPEC basket price climbing 4.46 per cent to $112.25, underscoring how uneven the pullback in crude has been. 

Asian Markets 

Asian markets closed sharply lower on Friday, with Japan’s Nikkei 225 tumbling 1.93 per cent and Vietnam’s HNX 30 falling 2.43 per cent, among the region’s steepest declines. Pakistan’s KSE 100 dropped 1.79 per cent, while mainland China’s Shanghai Composite slid 1.18 per cent and Malaysia’s KLCI fell 1.10 per cent. Australia’s All Ordinaries, Indonesia’s Jakarta Composite and Thailand’s SET also traded weaker, while Hong Kong’s Hang Seng declined 0.60 per cent. The broadly weaker close reflected continued unease over the widening Middle East conflict, even as crude prices themselves pulled back on the day. 

Iran War 

Iran-aligned Houthis seized control of Yemen’s port city of Mocha on Thursday and advanced down the Red Sea coast toward the strategic Hanish islands, gaining further leverage over the Bab el-Mandeb Strait, a critical southern outlet of the Red Sea. The advance came hours after President Donald Trump said he expected the Iran war to end after the November US midterm elections, a comment he reiterated again on Thursday. UN Special Envoy for Yemen Hans Grundberg warned the international community must act to address “a new and more dangerous phase” in the widening conflict, while the US accused the Houthis of acting as agents of Iran. Just seven vessels transited the Strait of Hormuz on Wednesday, half the 10-day average, as Iranian state media separately said the Revolutionary Guards Navy had struck a US unmanned vessel near Hormuz. 

Nifty, Sensex End Lower As Benchmarks Pare Losses After Volatile Session 

Back home, Indian equity benchmarks ended lower on Friday after a highly volatile session, with the Nifty managing to hold around the 23,400 mark as gains in private banks and select heavyweight stocks helped limit losses. The Sensex fell 120.83 points, or 0.16 per cent, to 74,781.76, while the Nifty declined 79.70 points, or 0.34 per cent, to 23,398.10. Market breadth remained weak, with 1,773 shares advancing against 2,373 declines, while 190 stocks ended unchanged. 

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

The Nifty Private Bank index was one of the few sectoral gainers on Friday, rising 0.5 per cent, helped by buying in select private lenders including HDFC Bank, while Dr Reddy’s Laboratories, ITC, Tech Mahindra and Wipro were among the other notable Nifty gainers. Metal and realty stocks bore the brunt of the selling, with both sectoral indices falling more than 2 per cent each, as Hindalco Industries, JSW Steel and Tata Steel led the Nifty laggards. 

Source

• NSEIX.com
• OilPrice.com