Opening Bell: Indian Markets Likely to Open Lower After IT Sell‑Off

US Markets Surge on Geopolitical Relief 

President Trump’s indefinite extension of the U.S.-Iran ceasefire, which eased geopolitical fears and lifted sentiment alongside strong earnings and AI-driven tech optimism. 

U.S. equities rallied sharply, with the S&P 500 up 1% and the  Nasdaq up 1.6%, both closing at all-time highs. 

The ceasefire provided only partial relief. Iran rejected further talks, its navy seized two container ships in the Strait of Hormuz, and VP Vance reportedly paused a diplomatic trip after Tehran refused to participate. 

Alphabet’s new AI chips and partnerships anchored a broad semiconductor rally. 

Tesla beat Q1 earnings but missed revenue estimates; shares fell ~2% after hours after Musk warned of substantially higher capex and confirmed HW3.0 lacks full autonomy. 

IBM and ServiceNow dropped 6% and 13% on weak results; UnitedHealth beat estimates and supported broader sentiment. 

The 10-year yield rose to ~4.31% and the 2-year to 3.80% after stronger-than-expected March retail sales reinforced expectations of no Fed rate cuts this year. 

Asia-Pacific Markets are trading mixed, tracking Wall Street futures. 

Indian indices experienced a significant downturn as the Nifty fell 0.81% to close at 24,378. The decline was primarily driven by intense selling in the IT sector following disappointing quarterly earnings and cautious growth forecasts from heavyweights like HCL Technologies. 

The rupee extended its three-day slide, depreciating 30 paise amid surging crude prices and West Asia peace deal uncertainties, 

Nifty ended its three-session winning streak by falling 198 points to close at 24378. Next support lies at 24,220, while resistance remains between 24,600 and 24,820. 

Indian markets are likely to open lower amid muted global cues.