Indian equity benchmarks are set to open cautiously positive on Wednesday, April 22, as indicated by latest GIFT NIFTY futures. According to HDFC SKY, GIFT Nifty futures for April 28 contract was trading at 24,428, up 70.50 points or 0.29% at 8:54 am on April 22, suggesting a mildly positive opening with markets opening broadly in-line with Tuesday's close. The benchmarks had extended gains for a third straight session on Tuesday, with SENSEX surging around 750 points to 79,273 and NIFTY50 closing above the 24,550 mark, up around 210 points, reflecting improving risk appetite amid easing global concerns and upbeat corporate results. However, investors remain on edge due to ongoing geopolitical tensions between the US and Iran.
The Iran ceasefire situation took another dramatic turn overnight, keeping investors firmly on edge. President Trump announced on social media that he would indefinitely extend the ceasefire with Iran to allow for further peace talks, saying the US had agreed to a Pakistani mediators' request to hold off any military action until Iran's leaders present a unified proposal. However, the credibility of the extension was immediately challenged by Iran-linked media — Tasnim News Agency, affiliated with the Islamic Revolutionary Guards Corps, said Iran had not requested any ceasefire extension and repeated threats to break the US naval blockade by force. Adding to the confusion, US Vice President JD Vance reportedly called off his trip to Islamabad for peace talks, briefly sending oil prices surging above $100 a barrel before Trump's ceasefire extension statement caused a partial reversal.
Oil traders went on a roller coaster ride overnight with oil prices jumping as high as $100 a barrel before paring some gains. Brent crude pared some gains after Trump's announcement and was last up 4.4% at $99.67 a barrel in post-settlement trade, while West Texas Intermediate crude settled up 2.8% at $92.13 a barrel. Crude oil continues to trade above the $100-per-barrel mark, reflecting ongoing concerns about supply constraints, according to ABP Live. Brent crude futures were last seen around $102 per barrel, supported by tightening shipping conditions in the Gulf region. Oil trading above $100 a barrel will be a huge negative for India's macroeconomic stability, potentially widening the current account deficit and adding to inflationary pressures, as Iran is India's third-biggest supplier of crude after Iraq and Saudi Arabia.
Foreign institutional investors sold shares worth ₹2,078.36 crore on Wednesday while domestic institutional investors sold stocks worth ₹1,048.17 crore, as per NSE data reported by Upstox. The selling pressure from foreign investors contributed to the benchmarks' decline and added to the cautious sentiment in the market. While global markets have largely shrugged off risks, Indian equities may remain more sensitive to external shocks such as oil price movements and currency fluctuations.
Trent reported strong Q4 FY26 results with consolidated net profit growing 32.6% year-on-year to ₹413.1 crore compared to ₹311.6 crore in the corresponding period last year. According to Upstox, the company's revenue from operations stood at ₹5,028 crore during the quarter, marking a 19.2% YoY jump from ₹4,216.94 crore. The board approved a bonus issue in the ratio of 1:2 and announced a dividend of ₹6 per share for FY26. L&T Technology Services posted a 6.75% YoY rise in consolidated net profit to ₹332 crore in Q4 FY26, with revenue from operations rising 8.3% to ₹2,857.9 crore.
Domestic equities are likely to remain volatile, balancing strong global cues against persistent geopolitical uncertainty, as reported by ABP Live. While global markets have hit record highs with Wall Street indices scaling fresh peaks and Asian markets showing resilience, elevated oil prices and lack of clarity around US-Iran negotiations could keep gains in check for Indian markets. Asian markets were mixed overnight with Japan's Nikkei closing 0.51% higher at 59,653 as the only major index in green, while Shanghai gained marginally by 0.04% and Hong Kong's Hang Seng Index shed 1.44% to 26,104. The Reserve Bank of India (RBI) maintained a status quo on interest rates, as reflected in the latest MPC minutes, with Governor Sanjay Malhotra flagging risks arising from the ongoing West Asia conflict. Investors will closely track developments in the Strait of Hormuz, movements in crude prices, and global market trends for further direction.
