Markets indicated a weaker opening following the previous session’s gains, with early signals remaining negative. At around 7:15 am, Gift Nifty was trading at 23,994, down 105 points or 0.44%, pointing to a subdued start.
The decline follows Wednesday’s rally, which was driven by a ceasefire between Iran and the United States. However, developments later in the day raised risks to the truce after Israel carried out airstrikes in Lebanon. Iran has also warned of retaliatory action. Any breakdown of the ceasefire could negatively impact global and Indian equity markets.
Crude Oil Prices Rise
Amid geopolitical tensions, Iran has announced the closure of the Strait of Hormuz. As a result, crude oil prices have risen sharply. WTI crude increased 2.58% to $96.84 per barrel, while Brent crude rose 2.15% to $96.79 per barrel. Higher oil prices may affect energy and industrial stocks.
Analysts state that as long as the market sustains above the 20-day EMA and Wednesday’s bullish gap area, the current uptrend may continue. In the coming sessions, Nifty could move towards the 24,300 to 24,700 range. However, global tensions and rising oil prices warrant caution.
Quarterly Earnings Announcements
Several companies are scheduled to report Q4 results today, which may influence market direction. These include Tata Consultancy Services, Anand Rathi Wealth, GM Breweries, and Rajasthan Stainless.
Corporate Developments
KEC International has secured new orders worth Rs 2,518 crore across civil, transportation, distribution, and cable and conductor segments.
Lupin has received approval from the US FDA for Dapagliflozin and Metformin Hydrochloride tablets in multiple strengths.
RITES has seen the project management consultancy contract for railway siding construction at NALCO’s Utkal-D coal mines revised to Rs 118.89 crore.
NHPC has approved an investment of Rs 26,069.50 crore for the 1,720 MW Kamla hydroelectric project in Arunachal Pradesh.
NTPC has signed a memorandum of understanding with Électricité de France for new nuclear power projects in India.
Redtape has acquired the Sprandi international sports footwear brand for India, Nepal, Bhutan, and Sri Lanka.
Bosch has approved the acquisition of 100% stake in Bosch Chassis Systems India (RBIC) for Rs 9,068.68 crore.
Poonawalla Fincorp may launch a qualified institutional placement issue of up to Rs 5,000 crore for growth purposes.
Markets opened on a negative note, with technical levels remaining a key monitor for assessing potential movement.
