Nifty Dips, Sensex Edges Higher Ahead of Open Amid US-Iran Ceasefire Uncertainty

Mumbai, May 29:Nifty ticked down at pre-open while the Sensex edged up as investors awaited clarity on reports that the US and Iran had reached an initial pact to extend their ceasefire.

Nifty 50 ticked down 0.11% at pre-open while the Sensex edged up 0.5% even as Gift Nifty futures traded at 23,911 points, showing a marginal rise of 0.02% over Nifty 50’s previous close. To be sure, Indian markets were closed yesterday for a holiday.

Brent crude dropped 1.26% over reports of shipping restrictions easing through the Strait of Hormuz. 

Spotlight will be falling on IT firm Wipro, edtech firm PhysicsWallah and Ashok Leyland. Wipro shares listed in the US spiked overnight on the back of a tie-up over agentic AI. PhysicsWallah reported a narrowing of its losses for the March quarter, and the firm also okayed a Rs 120crore investment in Finz Finance. Meanwhile, Ashok Leyland sawrecord profit and revenue for the March quarter on the back of strong commercial vehicle sales.

Asian markets advanced on Friday, with technology and chip-related stocks leading gains after another strong session for AI-linked shares globally.

Japan’s Nikkei jumped 1.86%, South Korea’s Kospi surged 2.23%, while Hong Kong’s Hang Seng added 0.22%. MSCI’s world stocks index also touched a fresh record high as enthusiasm around artificial intelligence continued to power global equities.

Sentiment was further supported by softer crude prices and record highs on Wall Street, though traders remained watchful for fresh developments from Washington and Tehran.

US equities ended sharply higher overnight, with the S&P 500 and Nasdaq closing at record highs as falling oil prices and continued optimism around artificial intelligence stocks lifted risk appetite.

Technology counters remained at the forefront of the rally, while easing Treasury yields also supported broader market sentiment. Investors took comfort from signs that tensions in the Middle East may not escalate immediately, helping markets rebound from recent geopolitical jitters.

European markets, however, finished lower on Thursday as uncertainty around US-Iran negotiations kept investors cautious for most of the trading session.

The pan-European STOXX 600 index fell 0.5%, dragged down by banking and travel stocks. Concerns over global growth and geopolitical risks weighed on sentiment, although losses narrowed later after reports pointed to progress in ceasefire discussions.

Source:

• Exchanges