Global markets have begun the new week on a cautiously positive note despite lingering geopolitical tensions. Uncertainty persists around US–Iran relations and a reported assassination attempt on former US President Donald Trump, yet investor sentiment has improved on signs of possible back channel diplomacy.
A report by Axios suggested Iran has proposed reopening the Strait of Hormuz while deferring nuclear negotiations to a later stage. This has raised hopes of de-escalation, offering some relief to markets.
Crude oil surged above $107.50 before easing below $107. Gold, after an early dip, rebounded above $4,700 per ounce. The dollar index weakened, supporting overall market sentiment.
Gift Nifty, trading at GIFT City, rose sharply from Friday’s close of 23,954 to around 24,136 early Monday, signalling a strong opening for Indian equities.
Wall Street ended Friday on a mixed note amid geopolitical uncertainty. Chip stocks rallied strongly, led by Nvidia, Intel, and Advanced Micro Devices.
Nvidia climbed 4.32 percent to a record close, crossing a $5 trillion market capitalisation for the second time. The stock has surged nearly 14 times since 2022.
The Dow Jones Industrial Average slipped 0.16 percent to 49,230.71, while the S&P 500 gained 0.80 percent to 7,165.08. The Nasdaq Composite jumped 1.63 percent to 24,836.60.
US futures were volatile early Monday, initially falling before recovering. Dow futures were marginally lower, while S&P 500 and Nasdaq futures edged higher.
Asian markets opened higher, tracking improved sentiment. Japan’s Nikkei 225 and South Korea’s KOSPI rose up to 1 percent before trimming gains. Australian markets slipped slightly, while Chinese and Hong Kong indices traded marginally lower. China’s industrial profits rose 15.8 percent in March.
Indian markets ended sharply lower on Friday as crude prices remained elevated above $105 and geopolitical concerns intensified. Benchmarks fell over 2 percent last week, with the IT index plunging nearly 10 percent.
Foreign institutional investors (FIIs) continued aggressive selling, offloading ₹8,827.87 crore on Friday alone. Domestic institutions bought ₹4,700.71 crore. Total FII selling last week exceeded ₹43,000 crore.
The Sensex fell 999.79 points (1.29 percent) to 76,664.21, while the Nifty 50 declined 275.25 points (1.14 percent) to 23,897.95.
Despite recent weakness, early signals from Gift Nifty suggest a strong rebound at the open today.
Reliance Industries reported fourth-quarter results broadly in line with expectations, though margins slipped to 15 percent. Annual profit crossed $10 billion, making it the first Indian company to achieve this milestone.
Axis Bank posted better-than-expected profit but saw a dip in net interest income. The bank plans to raise ₹20,000 crore via equity and ₹35,000 crore through debt.
IndusInd Bank returned to profit in the fourth quarter, while IDFC First Bank reported moderate earnings growth with stable asset quality.
Paytm Payments Bank has begun winding down operations after settling liabilities, following regulatory restrictions.
Gold remains volatile amid geopolitical uncertainty, hovering around $4,700 per ounce. In Kerala, 22-carat gold fell ₹240 to ₹1,12,960 per sovereign.
Industrial metals showed mixed trends, with copper rising slightly while aluminium declined.
The dollar index slipped to 98.53 before fluctuating. The euro strengthened to $1.17 and the pound to $1.35.
The Indian rupee weakened further, closing at 94.25 against the dollar despite intervention by the Reserve Bank of India.
Brent crude rose above $107 before easing to around $106.9 per barrel, reflecting ongoing geopolitical risk.
Cryptocurrencies moved higher, with Bitcoin above $79,300, while Ethereum and Solana also posted gains.
(April 24, Friday)
Sensex: 76,664.21 (-1.29%)
Nifty 50: 23,897.95 (-1.14%)
Bank Nifty: 56,089.75 (-0.38%)
Midcap 100: 59,374.80 (-0.96%)
Smallcap 100: 17,567.20 (-0.87%)
Dow Jones: 49,230.71 (-0.16%)
S&P 500: 7,165.08 (+0.80%)
Nasdaq: 24,836.60 (+1.63%)
Dollar: ₹94.25 (+₹0.14)
Gold ($/oz): 4,710.80
Gold (₹/sovereign): 1,12,960
Brent crude: ~$106–107 per barrel