The GIFT Nifty Live Chart is signalling a gap-down opening as the index is trading red, losing around 190 points and trading at 24,052 by 7:00 AM. According to Ponmudi R, CEO of Enrich Money, the Indian equity markets are likely to trade with a cautious undertone as investors continue to navigate evolving geopolitical developments and mixed global cues. The index opened lower at 24,217 and touched an intraday low of 24,051. GIFT Nifty was trading 0.9% lower (217 points) at 24,023 at 8:35 am, indicating the Nifty 50 is likely to open below its Friday close of 24,176.15. GIFT Nifty on the NSE IX traded lower by 171.50 points, or 0.71% at 24,046.50, signalling that Dalal Street was headed for a negative start on Monday.
The Sensex crashed 1,031.35 points or 1.33% to 76,296.84 while the Nifty declined 293.60 points or 1.21% to 23,882.55 at 09:47 am. The Nifty MidCap 100 and SmallCap 100 indices both fell 1.35% each, indicating broad-based selling pressure across market segments. Volatility spiked sharply with India VIX rising 12.29% to 18.91, reflecting heightened market uncertainty. Market breadth remained weak with 2,393 shares declining against 1,035 advances, while selling pressure intensified across NSE sectoral indices with consumer durables falling 3.65% and PSU banks and realty indices dropping over 2% each.
According to Bloomberg, US President Donald Trump said that Iran's latest response to his proposal to end the 10-week conflict with the US is 'TOTALLY UNACCEPTABLE' as the two sides continue to maintain a fragile ceasefire. Iran offered to transfer some of its stockpile of highly enriched uranium to a third country, but rejected the idea of dismantling its nuclear facilities. The ongoing conflict and concerns about energy supply are driving up crude oil prices significantly. Oil prices jumped $3 a barrel on Monday as the United States and Iran failed to agree to a peace proposal drafted by Washington while the Strait of Hormuz remained largely closed, keeping global energy supplies tight. Brent crude surged 3.5% to around $105 per barrel after US President Donald Trump rejected Iran's response to Washington's peace proposal, calling Tehran's demands "totally unacceptable." US crude also gained 3.5% to $98.82 a barrel.
Crude oil prices surged with Brent crude futures rising $3.18, or 3.14%, to $104.47 a barrel, building on Friday's 1.23% gain. Meanwhile, US West Texas Intermediate crude advanced $3.92, or 4.11%, to $99.34 a barrel. Following the rise in crude oil prices, gold rates are under pressure and have slipped below $4,700, losing around 0.75%. However, silver rates witnessed some buying at lower levels after hitting an intraday low of $79.530 per ounce.
Titan Company plunged 6.59% to emerge as the top loser on the Nifty, with Kalyan Jewellers dropping 6.81% to become the top loser on the BSE Midcap index. Other major drags included InterGlobe Aviation, SBI, Shriram Finance, Bharti Airtel and M&M. Tata Consumer Products rose 5.67% to emerge as the top gainer on the Nifty, while Max Healthcare, Nestle India, HCL Tech and NTPC were among the few other Nifty stocks trading in the green. Selling pressure intensified across NSE sectoral indices with consumer durables falling 3.65%, while PSU banks and realty indices dropped over 2% each.
Amol Athawale from Kotak Securities identified 24,000 or the 50-day Simple Moving Average (SMA) as crucial support for Nifty 50, with resistance at 24,400/78,000. For Sensex, 76,500 is support and 78,000 resistance. A successful breakout above 24,400/78,000 could push the market up to 24,500-24,700/78,300-78,900, while falling below 24,000/76,500 could accelerate selling pressure. The Nifty 50 is expected to trade in the 24,000-24,500 range in upcoming sessions, as a decisive breakout on either side of the range could provide firm direction. Analysts note that the market sentiment appears weak, with potential for further correction if Nifty stays below 24,200.
