Indian stock market benchmark indices recovered from Monday's early weakness, with Gift Nifty signaling a gap-up opening at 24,443 and currently trading 68 points higher at 24,410 by 8:35 AM. According to Live Mint, the Nifty 50 index finished 11 points higher at 24,364 while BSE Sensex ended 26 points higher at 78,520, with Bank Nifty closing marginally higher at 56,582. The recovery came after a sharp sell-off post 3 PM on Monday, which was triggered by a combination of global and domestic factors. Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth, expects the Indian markets to open on a slightly positive note, with Gift Nifty indicating an opening around the 24,400 zone, though he notes that the overall setup remains highly event-driven with volatility expected to play a central role given the weekly expiry. NIFTY futures at GIFT City in Ahmedabad advanced 73 points to 24.405 amid positive cues from Asian markets despite volatile geopolitical situation in West Asia.
State Bank of India opened with a gap up and traded at an intra-day high of ₹1,103.30. Its last trading price (LTP) was ₹1,102.50 against previous close of ₹1,080.25, jumping over 2%. Trent touched an intra-day high of ₹4,227.60. Trent's LTP was ₹4,184.60 against previous close of ₹4,107.70, rising nearly 1.87%. ICICI Bank opened higher and touched ₹1,370.90 in early trade and its LTP was ₹1,370 against previous close of ₹1,346.80, rising 1.72%. Adani Enterprises opened with a gap up and hit an intra-day high of ₹2,252.30. It was last trading at ₹2,243 against previous close of ₹2,218.30, rising 1.11%. L&T jumped nearly 0.71% with an intra-day high of ₹4,130 and it was last trading at ₹4,125 against previous close of ₹4,096.10. However, Jio Financial Services plummeted over 2%, as the stock opened with a gap down and touched an intra-day low of ₹237.28 and it was last trading at ₹237.95 against previous close of ₹243.86. Hindalco fell 1.74%, as the scrip touched an intra-day low of ₹1,011.40.
Oil prices soared sharply as Brent crude rose over 6% to trade near $96 per barrel and WTI crude surged more than 5% to around $88.52 after the U.S. forcibly seized an Iranian-flagged cargo ship in the Gulf of Oman. The surge came after Iran imposed fresh restrictions on shipping through the Strait of Hormuz, a strategic shipping lane through which one-fifth of all global oil passes. As per The National Herald, the move reignited concerns about supply disruptions, pushing crude oil prices sharply higher. The Indian rupee ended lower by 20 paise at 93.12 per dollar on Monday versus Friday's close of 92.92, raising concerns about inflationary pressures. GIFT Nifty was trading around 24,470, up about 50 points or 0.2%, suggesting the Sensex and Nifty may open with modest gains on Tuesday. The U.S. dollar firmed to a one-week high in Asian trading, sending gold prices down about 1% to below $4,800 an ounce. Gold and silver rates are moving flat in the international market, with COMEX gold rate around $4,825/oz and COMEX silver rate oscillating around $79.50/oz. On the domestic front, MCX gold rate finished at ₹1,53,902 per 10 gm while MCX silver rate ended at ₹2,52,574.
US-Iran tensions dominated market sentiment again as hopes for a sustained ceasefire dashed after President Trump called Iran's actions a "total violation" of the ceasefire agreement between the U.S. and Iran, which is currently set to expire this week. In a post on Truth Social, Trump also said he is sending representatives to Islamabad, Pakistan, for talks with Iran, although Tehran has rejected participation in a second round of negotiations, citing Washinton's excessive demands, unrealistic expectations, constant shifts in stance, repeated contradictions, and the continuing naval blockade. Trump, in an interview with Bloomberg on Monday (April 20), indicated that the fragile ceasefire between the United States and Iran is unlikely to be extended, saying it is "highly unlikely" he would prolong the truce if no agreement is reached by Wednesday evening Eastern Time. Trump once again threatened to knock out every single power plant and bridge in Iran if the country refuses to make a deal. However, Iran is considering attending peace talks with the United States in Pakistan, a senior Iranian official told Reuters on Monday, following moves by Islamabad to end a US blockade of Iran's ports, a significant obstacle to Tehran rejoining peace efforts as the end of a two-week ceasefire approaches. Market participants remain focused on whether the ceasefire will be extended or if tensions could resurface, which may significantly influence near-term sentiment. Any signs of progress in diplomatic talks could trigger a relief rally, while a breakdown or escalation in tensions may lead to renewed selling pressure.
On the institutional front, foreign institutional investors (FIIs) were net buyers in the previous session, purchasing equities worth ₹683 crore. In contrast, domestic institutional investors (DIIs) booked profits worth ₹4,721 crore. Despite the early decline, global market cues remained supportive with Asian indices, including Nikkei 225, Hang Seng Index and KOSPI, trading up to 1% higher. Overnight, US markets ended on a strong note, with the S&P 500 gaining 1.2% and the Nasdaq Composite rising 1.52%. However, Wall Street came off record highs as oil prices surged above $95 per barrel in international markets. Japan's Nikkei rose 1.3%, Hong Kong's Hang Seng advanced 0.6%, South Korea's KOSPI surged 2.23%, and China's Shanghai Composite declined 0.2%. Market participants expect a cautious trading session ahead, with the possibility of consolidation at higher levels as investors monitor developments in the West Asia region.
With weekly expiry today, derivatives activity is expected to drive heightened volatility and add complexity to price action. According to The Hindu BusinessLine, India VIX, currently around 18.7, suggests that option premiums remain relatively elevated, reflecting continued market uncertainty. If volatility cools during the session, it could accelerate theta decay, leading to faster premium erosion. On the other hand, any spike in volatility, especially triggered by global developments, may lead to sharp repricing of options. This creates a challenging environment for directional trades and favours more tactical, short-duration strategies. Osho Krishan, Chief Manager — Technical & Derivative Research at Angle One, noted that the underlying bias remains constructive, supported by recent price action, indicating that declines are likely to attract buying interest and reinforce a buy-on-dips strategy. On the downside, the 24100–23900 zones, coinciding with a recent bullish gap, is expected to provide immediate support and act as a cushion against deeper corrections. Vatsal Bhuva, Technical Analyst at LKP Securities, noted that selling pressure was observed in Bank Nifty near its crucial 50-day moving average, with immediate support placed around 56,200–56,300 levels. On the daily charts, NIFTY50 made a doji candlestick pattern, indicating indecision on the direction of the market. However, the index managed close above the 50 EMA level, suggesting that the broader sentiment remains bullish. 24,200 now becomes a crucial support and 24,800 a near-term resistance for the NIFTY50. Ahead of the weekly expiry, the 24,400 to 24,700 call strikes witnessed strong open intererst concentration, indicating a strong resistance above 24,400-24,500 levels for NIFTY50.
