The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a weak note on Friday, 24 July, tracking losses in global equities as escalating geopolitical tensions in the Middle East, surging crude oil prices, and rising bond yields dampened investor sentiment and reignited inflation concerns.
Asian markets traded lower, while the US stock market ended sharply weaker overnight, with the Nasdaq dropping more than 2% amid a broad-based risk-off selloff.
On Thursday, domestic benchmark indices extended their losing streak to a fourth consecutive session, as higher crude oil prices and geopolitical uncertainty weighed on market sentiment.
The Sensex fell 363.66 points, or 0.47%, to close at 76,391.39, while the Nifty 50 declined 126.65 points, or 0.53%, to settle at 23,869.60.
US-Iran conflict
The US military carried out another round of strikes on Iran, marking the 13th consecutive night of American attacks. According to the US Central Command, the latest operation lasted for more than two hours, keeping geopolitical tensions elevated and raising concerns over energy supplies.
Trump tariffs
The United States announced fresh tariff rates of 10% and 12.5% on imports from several countries under Section 301. India was placed in the lower 10% tariff category. The US Trade Representative (USTR) said the duties apply to imports from 60 countries, citing insufficient efforts to curb goods allegedly produced using forced labour.
Crude oil prices
Crude oil prices remained elevated despite a slight pullback on Friday. Brent crude slipped 0.72% to $99.97 a barrel, while WTI crude declined 0.76% to $91.49 a barrel. However, both benchmarks were on track for strong weekly gains, with Brent up 13.5% and WTI advancing 10.9% after surging earlier this week on fears of supply disruptions.
Gold prices today
Gold prices edged lower as persistent inflation concerns strengthened expectations that central banks could keep interest rates higher for longer. Spot gold eased 0.1% to $4,042.77 per ounce, while US gold futures for August delivery fell 0.1% to $4,045.60. Despite the decline, bullion remained on course for a modest 0.6% weekly gain. Spot silver also slipped 0.2% to $57.56 per ounce.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a weak start for the Indian stock market today. By 7:43 AM, the Gift Nifty was trading around the 23,693 level, a discount of 180.6 points from the Nifty futures’ previous close of 23,873.60.
Ponmudi R, CEO of Enrich Money, said that Indian equities are poised for a weak start as investors remain on edge amid escalating geopolitical tensions in the Middle East and a sharp surge in global crude oil prices. The renewed spike in energy costs has heightened inflation concerns, prompting a rise in U.S. Treasury yields and reinforcing a broader risk-off mood across global financial markets.
WTI crude has climbed into the $92–93 per barrel range, while Brent has moved above the psychologically important $100-a-barrel mark, raising fresh concerns over global growth and the outlook for major oil-importing economies such as India.
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 once again retested the lower band of its prevailing consolidation range of 23,800–24,400. A decisive break below this support could trigger the next leg of the decline towards the 23,600 zone, which coincides with the rising trendline support. On the upside, the 24,000–24,150 region is expected to act as the immediate 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 negative bias, extending the sustained weakness witnessed over recent sessions. The index continues to hold below its key resistance levels and remains just above its 200-day EMA (56,495), indicating that bears remain firmly in control of the near-term trend. From a technical perspective, the 56,800–56,900 zone stands as the immediate resistance, followed by the 57,200–57,300 zone further above.
On the downside, the 56,400–56,300 zone remains the immediate support, having held firm in the previous session. A decisive break below this level could accelerate selling pressure and drag the index towards the 56,000–55,800 support zone. Overall, the near-term technical outlook stays bearish, a sustained move above the 57,000 mark will be essential for the index to meaningfully improve its near-term technical structure and shift momentum in favour of the bulls.
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 seven buy-or-sell stocks for intraday trading: Shaily Engineering Plastics Ltd, Rain Industries Ltd, Dr Reddys Laboratories Ltd, SBI Life Insurance Company Ltd, Kotak Mahindra Bank Ltd, Bajaj Consumer Care Ltd, and Lloyds Metals and Energy Ltd.
Sumeet Bagadia’s stock recommendations today
Buy Shaily Engineering Plastics in cash at ₹2,953; SL at ₹2,810; target at ₹3,232
Buy Rain Industries in cash at ₹223; SL at ₹210; target at ₹240
Ganesh Dongre’s buy or sell stocks
Buy Dr Reddys at ₹1,166; SL at ₹1,145; TGT at ₹1,200
Buy SBI Life Insurance at ₹1,853; SL at ₹1,840; TGT at ₹1,885
Buy Kotak Mahindra Bank at ₹383; SL at ₹377; TGT at ₹393
Shiju Koothupalakkal’s intraday stocks for today
Buy Shaily Engineering Plastics cmp: ₹2,952; Target: ₹3,100; Stop loss: ₹2,890
Buy Bajaj Consumer Care cmp: ₹555; Target: ₹585; Stop loss: ₹543
Buy Lloyds Metals and Energy cmp: ₹1,930; Target: ₹2,020; Stop loss: ₹1,890
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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