The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open sharply lower on Monday, 31 August, amid weak global cues.
The Gift Nifty trends also pointed to a subdued start for the Indian equity market. The Gift Nifty was trading around 24,232, indicating a discount of nearly 110 points to the previous close of Nifty futures.
The domestic benchmark indices ended higher in the previous session, with the Nifty 50 closing above the 24,100 mark.
The Sensex gained 330.92 points, or 0.43%, to settle at 77,264.51, while the Nifty 50 advanced 84.80 points, or 0.35%, to close at 24,175.65.
US-Iran war
Tensions between the US and Iran escalated further after US forces on Sunday targeted two launchers on Iran’s Larak Island in the Strait of Hormuz, marking the first reported American strikes in the Gulf since late July.
Iran retaliated by targeting two US air bases in Jordan, according to Iranian media reports citing the Islamic Revolutionary Guard Corps (IRGC).
The latest escalation has raised concerns over shipping activity through the strategic waterway. Shipping data showed that the number of visible commodity vessels crossing the Strait of Hormuz fell to around five a day over the weekend, highlighting growing caution among shipping companies amid fears of potential attacks on vessels.
Despite the renewed tensions, both Brent and WTI crude were headed for modest monthly declines in August after falling more than 4% last week, marking their first weekly losses in three weeks.
Crude oil prices
Oil prices rose more than $1 a barrel on Monday after the US strike on an Iranian island in the Strait of Hormuz and Tehran’s subsequent retaliation intensified concerns over supply disruptions.
Brent crude futures rose $1.08, or 1.23%, to $89.18 a barrel, while US West Texas Intermediate (WTI) crude futures gained 92 cents, or 1.10%, to $84.32 a barrel.
The latest moves come as the Middle East conflict enters its sixth month, with developments around the Strait of Hormuz remaining a key driver for global oil markets.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a muted start for the Indian stock market today. By 7:37 AM, the Gift Nifty was trading around the 24,241.5 level, a discount of 100.4 points from the Nifty futures’ previous close of 24,341.90.
Ponmudi R, CEO of Enrich Money, said Indian equity markets are expected to trade with a cautious bias as renewed US-Iran military escalation revives concerns over global energy supplies, triggering a rebound in crude oil prices and prompting a broader risk-off tone across Asian markets. Japan’s Nikkei and South Korea’s Kospi were both down more than 1% in early trade, reflecting investors’ renewed focus on geopolitical risks. WTI crude has edged higher towards the $84–85 per barrel range following the latest exchange of strikes, bringing energy prices back into sharp focus.
Oil prices had retreated from recent highs last week on optimism that negotiations aimed at normalising cargo traffic through the Strait of Hormuz were making progress. That optimism has since faded after US forces struck Iranian missile launchers near the Strait, prompting retaliatory missile attacks by Iran on US bases in the region. The renewed escalation is expected to keep geopolitical risks elevated and energy prices at the forefront of investor sentiment.
India’s Q1 FY27 GDP data and the US non-farm payrolls report will be the key macroeconomic events this week. The data will offer fresh clues on the resilience of domestic growth and the direction of global monetary policy expectations.
Stock market today
Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, said technically, the tussle around the 24,100-24,000 zone remains critical for the Nifty 50. A sustained break below this level could extend the correction towards 23,800–23,650. On the upside, 24,200 is likely to act as the immediate hurdle, followed by the 24,300–24,400 zone.
On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes Bank Nifty continues to demonstrate comparatively stronger technical resilience, although the index remains within a broader consolidation range. The 57,800–58,000 region remains the key resistance zone, where the index has repeatedly encountered selling pressure. A sustained breakout above 58,000 would strengthen the recovery structure and could pave the way towards the 58,300–58,500 levels.
On the downside, 57,300–57,200 remains the immediate support zone, followed by the stronger 57,000 level. Sustaining above these support levels will be important to preserve the prevailing recovery structure, while a decisive break below 57,000 could trigger renewed selling pressure and expose the index to lower support levels. Overall, the near-term technical outlook remains cautiously constructive. A sustained move above 58,000 would strengthen the bullish setup, while failure to clear the resistance band could keep the index range-bound.
Stocks to buy today
Regarding stocks to buy today, market experts — Sumeet Bagadia of Choice Broking, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, recommended these eight buy-or-sell stocks for intraday trading HFCL Ltd, GlaxoSmithKline Pharmaceuticals Ltd, Sun Pharmaceutical Industries Ltd, State Bank of India, Eternal Ltd, Diamond Power Infrastructure Ltd, Ramkrishna Forgings Ltd, and Maharashtra Seamless Ltd.
Sumeet Bagadia’s stock recommendations today
Buy HFCL in cash at ₹252; SL at ₹243; TGT at ₹270
Buy GlaxoSmithKline Pharmaceuticals in cash at ₹3,105; SL at ₹2,996; TGT at ₹3,325
Ganesh Dongre’s buy or sell stocks
Buy Sun Pharmaceutical at ₹1,920; SL at ₹1,890; TGT at ₹1,960
Buy State Bank of India at ₹1,052; SL at ₹1,038; TGT at ₹1,080
Buy Eternal at ₹327; SL at ₹315; TG at ₹342
Shiju Koothupalakkal’s intraday stocks for today
Buy Diamond Power Infrastructure cmp: ₹349; Target: ₹372; Stop loss: ₹340
Buy Ramkrishna Forgings cmp: ₹751; Target: ₹790; Stop loss: ₹734
Buy Maharashtra Seamless cmp: ₹661.50; Target: ₹700; Stop loss: ₹647
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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