The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a muted-to-positive note on Friday, 31 July, tracking firm global cues.
Gift Nifty trends also signal a slightly positive start for domestic equities. The index was trading around 24,428, a 70-point premium over the previous close of Nifty futures.
In the previous session, the domestic market extended its gains, with the Nifty 50 ending above the 24,300 mark.
The BSE Sensex advanced 273.55 points, or 0.35%, to close at 77,928.15, while the Nifty 50 gained 66.95 points, or 0.28%, to settle at 24,317.15.
Crude oil prices
According to a Bloomberg report, crude oil prices steadied on Friday, capping a highly volatile week, with both benchmark contracts on track for their strongest monthly gains since March amid heightened concerns over global energy supplies due to the ongoing US-Iran conflict.
Brent crude traded above $89 a barrel after fluctuating within an $11 range during the week, taking its monthly gain to more than 20%. Meanwhile, West Texas Intermediate (WTI) hovered near $84 a barrel.
The Bloomberg report noted that although the US and Iran exchanged fresh strikes on Thursday, shipping activity through the Strait of Hormuz has improved in recent days, easing some immediate concerns over supply disruptions. Separately, Saudi Arabia held discussions with representatives from 43 countries on forming a coalition to safeguard navigation in and around the Red Sea, following a blockade imposed by the Iran-backed Houthi militants last week.
Gold prices today
According to a Bloomberg report, gold prices held on to their two-day gains on Friday, supported by a sharp decline in the US dollar after Japan intervened in the currency market to support the yen.
Bullion traded near $4,100 an ounce in early Asian trade and was on track to register its first monthly gain since February. The precious metal also drew support from the US Federal Reserve’s decision to keep interest rates unchanged, despite inflationary pressures stemming from the ongoing conflict in the Middle East. Lower expectations of immediate rate hikes tend to benefit non-yielding assets such as gold.
As of 7:45 a.m. Singapore time, spot gold edged 0.1% higher to $4,109.23 an ounce. Silver gained 0.3% to $59.17 an ounce, while platinum and palladium traded little changed, the report said.
US-Iran conflict
According to news reports, the US-Iran conflict continues to widen, drawing more countries into the crisis, with Egypt appearing to be directly affected for the first time this week. Egyptian authorities said a drone strike triggered a fire on two ships at the Port of Damietta on Wednesday, although no group has claimed responsibility. If confirmed as a deliberate attack, it would mark Egypt’s first direct involvement in the conflict.
Meanwhile, Saudi Arabia’s Defence Ministry said 14 countries have backed the kingdom’s proposal to establish a Maritime Defence Alliance to protect international shipping lanes and safeguard global trade. In Tehran, Iran’s Revolutionary Guards reiterated that the Strait of Hormuz would remain closed and warned that the “aggressor will be punished today,” following what they described as a heavy wave of US airstrikes launched late Wednesday in response to Iran’s attempted attacks on US military positions a day earlier.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a flat-to-positive start for the Indian stock market today. By 7:45 AM, the Gift Nifty was trading around the 24,412 level, a premium of 54 points from the Nifty futures’ previous close of 24,358.
Ponmudi R, CEO of Enrich Money, said Indian equity markets are poised for a steady start, extending their recent recovery as a sharp rally on Wall Street and a broad rebound across Asian markets improve global risk sentiment. Stronger-than-expected guidance from Microsoft reignited investor optimism toward technology stocks, fuelling renewed buying across the sector and providing a supportive backdrop for global equities. GIFT Nifty futures are hovering around the 24,400 mark, compared with the Nifty’s previous close of 24,317, indicating a positive opening for domestic markets. Data showing Foreign Portfolio Investors (FPIs) turning net buyers of domestic equities, with purchases exceeding ₹3,600 crore in the previous session despite an uncertain geopolitical backdrop, is expected to provide an additional boost to investor sentiment and reinforce confidence in the resilience of Indian markets.
Asian equities are trading firmly higher, led by a powerful rebound in South Korean markets, where the Kospi has surged more than 15% as upbeat corporate earnings revived confidence in the artificial intelligence theme and triggered renewed buying in semiconductor stocks. Japan’s Nikkei 225 has also advanced more than 5%, reinforcing the improvement in regional risk appetite. While the recovery in global technology stocks is expected to lend near-term support to Indian equities, investors are likely to remain watchful of geopolitical developments and their potential impact on energy prices and overall market sentiment.
Stock market today
Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, said the Nifty 50 is encountering resistance near the 24,400 zone, which coincides with the 200-day EMA. While the broader recovery structure remains intact above the 24,100-24,000 support zone, the inability to sustain at higher levels suggests the possibility of a consolidation phase, before an extension towards 24,600–24,800 zone in the near term. We therefore maintain our “buy-on-dips” approach, with a preference for relatively stronger stocks across sectors while adhering to disciplined risk and position management.
On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes Bank Nifty is expected to maintain a cautiously constructive bias, supported by improving sentiment across the broader market. From a technical perspective, the 57,300–57,400 zone remains the immediate resistance band. A decisive break above this range could strengthen bullish momentum and pave the way for a move towards 57,800–58,000.
On the downside, immediate support is seen in the 56,700–56,800 zone. Holding above this range would keep the ongoing recovery intact, while a decisive break below 56,700 could trigger fresh selling pressure and expose the index to the next support area around 56,400–56,300. Overall, the near-term technical outlook remains cautiously constructive, with price action likely to remain guided by key support and resistance levels.
Stocks to buy today
Regarding stocks to buy today, market experts — Sumeet Bagadia of Choice Broking, Ganesh Dongre, and Senior Manager — Technical Research at Anand Rathi, recommended these five buy-or-sell stocks for intraday trading: Marico Ltd, CreditAccess Grameen Ltd, Kotak Mahindra Bank Ltd, Indusind Bank Ltd, and Adani Total Gas Ltd.
Sumeet Bagadia’s stock recommendations today
Buy Marico in cash at ₹885; SL at ₹855; TGT at ₹940
Buy CreditAccess Grameen in cash at ₹1,614; SL at ₹1,555; TGT at ₹1,730
Ganesh Dongre’s buy or sell stocks
Buy Kotak Mahindra Bank at ₹389; sl at ₹380; tgt at ₹405
Buy Indusind Bank at ₹1,011; sl at ₹990; tgt at ₹1045
Buy Adani Total Gas at ₹650; sl at ₹640; tgt at ₹675
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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