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Gift Nifty traded higher ahead of Thursday's session, indicating a positive opening for the Indian stock market after Wednesday's sharp decline. Investors remain cautious as the US-Iran conflict, rising crude oil prices, and global macro concerns continue to influence market sentiment.
Reviewed and Rewrite by
Rudransh Sangwan
Gift Nifty traded in the green ahead of** Thursday's session**, pointing to a positive start for the Indian stock market following Wednesday's sharp selloff. However, investor sentiment remains cautious amid escalating US-Iran tensions, elevated crude oil prices, and** lingering global economic** uncertainties.
The Indian stock market is expected to open on a cautiously positive note on Thursday, July 9, with Gift Nifty trading at a premium, indicating a potential recovery after the previous session's steep decline.
At around 8:16 AM, Gift Nifty was trading near 23,976.5, nearly 64 points above the previous Nifty futures close, suggesting that short-covering could help benchmark indices recover part of Wednesday's losses.
However, investors are likely to remain cautious amid escalating geopolitical tensions in the Middle East, rising crude oil prices, and uncertainty over global interest rate expectations.
Indian equity markets witnessed heavy selling pressure in the previous session after fresh military action between the United States and Iran intensified concerns over global energy supplies.
The benchmark indices ended sharply lower:
| Index | Closing Level | Change |
|---|---|---|
| Sensex | 76,503.60 | -1,677.12 (-2.15%) |
| Nifty 50 | 23,882.05 | -516.65 (-2.12%) |
The selloff was broad-based as higher crude oil prices and geopolitical uncertainty triggered risk-off sentiment across sectors.
Asian markets traded in positive territory on Thursday morning, while Wall Street ended mixed overnight as investors assessed the latest developments surrounding the Middle East conflict.
Meanwhile, minutes from the US Federal Reserve's June meeting suggested that some policymakers remain concerned about inflation risks, with a few members even discussing the possibility of future interest rate hikes if inflationary pressures persist.
These developments continue to keep global investors on edge.
Oil prices extended gains after fresh US strikes on Iran increased fears of supply disruptions through the Strait of Hormuz, one of the world's most critical energy shipping routes.
Latest crude prices:
| Commodity | Price |
|---|---|
| Brent Crude | $78.82 per barrel |
| WTI Crude | $74.24 per barrel |
Higher crude prices remain a key concern for India, as they can increase inflationary pressures, widen the trade deficit, and impact corporate earnings across several sectors.
The Indian Rupee has weakened to nearly a one-month low against the US Dollar, reflecting higher crude oil prices and increased global risk aversion.
A weaker rupee may also increase import costs while adding pressure on sectors dependent on imported raw materials.
According to market analysts, the Nifty 50 has slipped below the crucial 24,000–24,150 support zone, weakening its short-term technical structure.
| Support | Resistance |
|---|---|
| 23,650 – 23,800 | 24,150 – 24,300 |
Any recovery is expected to face selling pressure near the resistance zone, while sustained weakness below support could trigger further downside.
The Bank Nifty continues to trade with a weak bias after breaking important support levels.
| Level | Importance |
|---|---|
| 57,200 | Immediate recovery trigger |
| 57,600 | Strong breakout level |
| 56,600–56,500 | Immediate support |
| 56,100–56,000 | Next downside target |
A move above 57,600 could improve sentiment, while a fall below 56,500 may accelerate selling pressure.
Several stocks are expected to remain in focus during Thursday's trading session.
These stocks are likely to attract attention based on technical setups and sector-specific developments.
Despite Gift Nifty indicating a positive opening, market volatility is expected to remain elevated. Investors will continue to monitor geopolitical developments, crude oil prices, global bond yields, and currency movements for further direction.
A rebound driven by short-covering is possible, but sustained upside may require easing geopolitical tensions and stability in commodity prices.
Gift Nifty is trading around 64 points higher than the previous Nifty futures close, suggesting a positive start driven by potential short-covering.
Markets declined after escalating US-Iran tensions pushed crude oil prices higher and increased global risk aversion.
Higher crude prices can increase inflation, weaken the rupee, raise import costs, and negatively impact corporate earnings across multiple sectors.
The immediate support zone lies between 23,650 and 23,800, while resistance is placed near 24,150–24,300.
ONGC, GAIL India, MCX, Nykaa, Jammu & Kashmir Bank, Ather Energy, and Anant Raj are among the key stocks to watch.