The benchmark indices are expected to open lower on Tuesday amid multiple domestic headwinds and weak global cues. GIFT NIFTY futures dropped 110 points to 23,677, signaling another gap-down opening of about 180 points. According to Moneycontrol, domestic markets are likely to open on a weak note due to India facing multiple challenges including a weakening rupee, unabated selling by foreign portfolio investors, pressure on foreign reserves and a widening current-account deficit. Market sentiment was further impacted after Prime Minister Narendra Modi urged fuel conservation and restraint on gold purchases to preserve foreign exchange reserves. Global cues remained mixed with MSCI's Asia Pacific stock index declining 0.6 percent after erasing earlier gains, while S&P 500 futures slipped 0.3 percent in Asian trade.
Crude oil prices jumped above $105 per barrel in international markets after US President Donald Trump rejected Iran's response to the US proposal of a potential peace deal, as reported by PTI. This represents a significant escalation from the previous $97–100 range and adds substantial pressure to global markets. Brent crude rose above $105 a barrel in the latest trade after settling nearly 3 percent higher overnight, while US crude also climbed above $98 a barrel. Trump described Tehran's response to the US peace proposal as "stupid" and said the ceasefire was "on life support", fuelling concerns that the conflict and the closure of the Strait of Hormuz could drag on longer than expected. Analysts said prolonged disruption in the Strait of Hormuz -- a critical global energy transit route -- continues to keep the geopolitical risk premium elevated in oil markets.
USD/INR remains elevated near the 95.3 mark, highlighting continued weakness in the Indian rupee amid firm dollar demand, elevated crude prices and cautious foreign institutional positioning. The rupee had already weakened to a record closing low of 95.31 per dollar on Monday amid rising crude prices and heavy foreign outflows. Foreign institutional investors remained aggressive sellers on Monday, offloading equities worth ₹8,438 crore -- the highest single-day selling since April 24, while domestic institutional investors continued to provide support and bought shares worth ₹5,940 crore. FIIs have so far this year sold shares worth ₹2,07,581 crore, according to National Securities Depository Limited (NSDL) data. The weakening rupee adds to market pressure as it increases the cost of imports and reduces purchasing power for Indian consumers.
The NIFTY50 index closed 360 points lower at 23,816 after trading in a narrow range of 24,000 to 24,500 for 11 consecutive trading days. According to Moneycontrol analysis, Nifty is trading around the 23,800-23,900 zone, with a sustained breakdown below 23,800 potentially accelerating weakness toward 23,600-23,500. The 20 EMA level was crucial support for the index in the near term, and a close below it indicates a grip of bearish sentiment on the index. India VIX surged nearly 10 percent in the previous session to around 18.5, with elevated VIX levels expected to keep option premiums expensive and make expiry dynamics more volatile than usual. The open interest buildup for today's expiry suggests strong resistance at 24,000 level, while 23,500 puts hold the highest open interest, indicating a strong support level.
As many as 104 companies are slated to release their March quarter (Q4 FY26) results today, including major names like The Tata Power Company, Dr Reddy's Laboratories, Torrent Power, Dixon Technologies, Max Financial Services, Berger Paints, Pfizer, Cohance Lifesciences, MTAR Technologies, Nazara Technologies, Borosil Renewables Ltd., Kalpataru, Texmaco Rail and Engineering, and Inox India. Syrma SGS Technology reported strong operational performance with consolidated revenue from operations growing 58.48% to ₹1,465 crore during Q4 FY26 from ₹924.36 crore in the March quarter of FY25. The company achieved 27% revenue growth to ₹4,819 crore for FY26 with operating EBITDA expanding significantly to ₹545 crore. Tata Motors showed mixed results with revenue from operations jumping 19.64% YoY to ₹646.81 crore in Q4 FY26, while the company reported a net loss of ₹71.45 crore compared to a profit of ₹172.19 crore in the year-ago period. Investors are likely to track India's April retail inflation data due later on Tuesday, with economists expecting inflation to edge closer to the Reserve Bank of India's 4 percent target from 3.4 percent in March.
