The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a subdued note on Thursday, 23 July, tracking mixed global cues as investors remained cautious amid escalating geopolitical tensions in the Middle East and a fresh surge in crude oil prices.
Asian markets traded mostly higher in early deals, while the US stock market ended lower overnight, with the Nasdaq leading losses as technology stocks came under pressure.
On Wednesday, domestic equities witnessed a broad-based selloff, with both benchmark indices falling nearly 1%. The Sensex plunged 715.06 points, or 0.92%, to close at 76,755.05, while the Nifty 50 declined 191.45 points, or 0.79%, to settle at 23,996.25.
US-Iran War
Geopolitical tensions remained elevated after the US military carried out another round of strikes targeting Iran’s military and government infrastructure. US President Donald Trump said Tehran was seeking a deal to end the conflict but added that he did not believe Iran was “ready” to reach an agreement yet. Meanwhile, Iran continued its blockade and attacks on shipping vessels passing through the Strait of Hormuz, keeping concerns over global energy supplies intact.
Crude Oil Prices
Crude oil prices extended their rally to the highest levels in more than six weeks amid fears of prolonged supply disruptions. Brent crude futures climbed 1.58% to $95.56 per barrel, while US West Texas Intermediate (WTI) crude gained 1.30% to $87.96 per barrel, after surging nearly 3% in the previous session.
Gold Rate Today
Gold prices remained firm as investors continued to seek safe-haven assets amid the geopolitical uncertainty. Spot gold edged up 0.1% to $4,133.82 an ounce, while silver was little changed at $59.75 an ounce.
Dollar
The US dollar remained broadly stable on safe-haven demand, while the Japanese yen hovered near a four-decade low. The Dollar Index, which tracks the greenback against a basket of six major currencies, was steady at 101.11. The euro edged up 0.02% to $1.1412, while the British pound traded at $1.3373.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a weak start for the Indian stock market today. By 7:40 AM, the Gift Nifty was trading around the 23,883.5 level, a discount of 105 points from the Nifty futures’ previous close of 23,988.40.
Ponmudi R, CEO of Enrich Money, said that Indian equities are poised for a weaker start, with investor sentiment remaining fragile as escalating tensions in the Middle East fuel a fresh surge in global oil prices and weigh on risk appetite. Early indications from Gift Nifty point to a modest gap-down opening, reflecting growing concerns over the conflict’s potential impact on global energy supplies and inflation.
Markets were rattled after Yemen’s Houthi rebels reportedly attacked two Saudi oil tankers, opening a new front in the regional conflict and raising fears of further disruptions to crude supplies. The latest escalation has pushed WTI crude toward $88 a barrel, while Brent has climbed above $95, intensifying concerns over inflation, central bank policy and the outlook for major oil-importing economies such as India.
The combination of elevated oil prices and persistent pressure on the Indian rupee is likely to keep investors cautious, with market participants expected to closely monitor geopolitical developments and energy markets for further direction.
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 has slipped below the immediate support level of 24,000, and the close suggests a possible retest of the 23,650–23,800 zone in the near term. On the upside, the 24,150–24,300 region is expected to act as stiff resistance on any rebound.
On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes Bank Nifty is expected to trade with a cautious bias after witnessing a decisive breakdown in the previous session. The 57,000 psychological mark now remains the immediate and crucial support, with holding above this level being essential to prevent further downside. On the upside, the 57,500–57,600 zone has become immediate resistance. A sustained move above this band could support a recovery towards the 57,900–58,000 region, while a decisive reclaim of 58,000 will be required to improve the broader technical outlook and revive bullish momentum.
On the downside, the 57,000 mark remains the immediate support. A decisive break below this level could accelerate selling pressure and drag the index towards the 56,800–56,700 support zone.
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 — Technical Research at Prabhudas Lilladher, recommended these eight buy-or-sell stocks for intraday trading: Exide Industries Ltd, Nestle India Ltd, Radico Khaitan Ltd, Bank of Baroda, Aditya Birla Capital Ltd, TD Power Systems Ltd, R R Kabel Ltd, and Oil and Natural Gas Corporation Ltd (ONGC).
Sumeet Bagadia’s stock recommendations today
Buy Exide Industries in cash at ₹448; SL at ₹430; TGT at ₹480
Buy Nestle India in cash at ₹1,497; SL at ₹1,440; TGT at ₹1,615
Ganesh Dongre’s buy or sell stocks
Buy Radico Khaitan at ₹4,152; sl ₹4,100; tgt ₹4,250
Buy Bank of Baroda at ₹246; SL ₹242; TGT ₹252
Buy Aditya Birla Capital at ₹400; sl ₹395; tgt ₹410
Shiju Koothupalakkal’s intraday stocks for today
BuyTD Power Systems cmp: ₹1,160 Target; ₹1,240; Stop loss: ₹1,135
Buy R R Kabel cmp: ₹2,432; Target: ₹2,570; Stop loss: ₹2,380
Buy ONGC cmp: ₹251.90; Target: ₹265; Stop loss: ₹246
Disclaimer: This story is for educational purposes only. 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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