Uncertainty continues over a possible agreement to end the US-Iran conflict. Reports suggest that only political approval from both governments is now pending, though key contentious issues remain unresolved.
Optimism over a potential deal pulled crude oil prices below $94 a barrel in international markets. Gold, however, climbed back above $4500 an ounce as investors continued to seek safe-haven assets. US and Asian equity markets advanced on sustained enthusiasm surrounding artificial intelligence, while Indian markets remained relatively cautious.
Gift Nifty closed at 23,860 in derivatives trading at Gift City on Wednesday night. It rose to 23,919 in early trade today before slipping to 23,840 and later recovering to around 23,880. The trend indicates a weak opening for Indian equities.
Growing optimism over a possible Iran peace deal and relentless gains in technology stocks pushed major US indices to fresh records. Cloud-based data platform company Snowflake surged 36.5 percent after reporting strong quarterly earnings and issuing upbeat business guidance.
On Thursday:
Dow Jones gained 24.69 points (0.05 percent) to close at 50,668.97
S&P 500 rose 43.27 points (0.58 percent) to 7563.63
Nasdaq Composite climbed 242.74 points (0.91 percent) to end at 26,917.47
US futures were trading marginally lower this morning.
In New York ADR trading:
HDFC Bank recovered in after-hours trade to close 0.30 percent higher at $23.73 after falling 0.50 percent during regular trading hours
ICICI Bank ended unchanged at $26.17
Infosys gained 0.70 percent to close at $12.79
Wipro ADR jumped as much as 18.5 percent before ending at $2.42
Wipro’s sharp rally was driven by its strategic AI partnership with ServiceNow.
Persistent tensions in the Gulf region weighed on European equities. However, defence stocks gained after the European Union approved a €90 billion loan package for Ukraine.
Asian markets traded sharply higher today.
Japan’s Nikkei advanced 1.95 percent to a record high
Australia’s benchmark index rose 0.96 percent
South Korea’s Kospi jumped 2.5 percent to a fresh peak
Strong demand for memory chips from companies such as Samsung and SK Hynix has fuelled the Korean market rally. Analysts estimate the market has risen 207 percent over the past year alone.
Hong Kong gained 0.65 percent while Shanghai opened 0.15 percent higher.
Indian equities extended losses on Wednesday, with banking, financial, capital market, IT, oil and FMCG stocks dragging the market lower.
HDFC Bank fell 2.6 percent amid allegations linked to a high-interest deposit transaction involving a government corporation. Reports said the transaction took place shortly before former chairman Atanu Chakraborty resigned. The controversy has surfaced at a time when discussions are under way regarding an extension of CEO Sashidhar Jagdishan’s tenure, which ends in October.
Foreign institutional investors continued to sell, recording net sales of ₹1042.70 crore in the cash market on Wednesday. Domestic institutions and funds purchased shares worth ₹3821 crore.
On Wednesday:
Sensex fell 141.90 points (0.19 percent) to 75,867.80
Nifty declined 6.55 points (0.03 percent) to 23,907.15
Bank Nifty dropped 239.05 points (0.43 percent) to 54,853.85
Meanwhile:
Mid cap 100 index gained 0.42 percent
Small cap 100 index rose 0.15 percent
Broader market breadth remained positive.
Wipro announced a broad strategic alliance with ServiceNow aimed at integrating AI-driven automation across operations. Wipro Intelligence, the company’s AI suite, will be integrated with ServiceNow’s AI platform to streamline operations with minimal human intervention.
The company has also fixed June 5 as the record date for its ₹15,000 crore share buyback programme.
Buyback size: ₹15,000 crore
Shares to be repurchased: 5.72 percent
Buyback price: ₹250 per share
Wednesday closing price: ₹201.70
Wipro ADR has surged 31 percent over the past 10 days.
Gold rebounded strongly on Thursday after declining on Wednesday amid changing expectations around the Iran situation.
Gold closed at $4496.90 an ounce
It touched $4517 this morning before easing slightly to around $4508
Rockefeller Global Investment Management estimates gold could rise to:
$5500 an ounce by 2027
$8000 to $10,000 before 2030
In Kerala, 22-carat gold fell to ₹1,14,440 per sovereign after dropping ₹2080 over two days.
Silver climbed to $76 an ounce.
Industrial metals witnessed sharp volatility.
Copper slipped to $13,512.90 a tonne
Aluminium eased to $3659.24 after recently hitting a four-year high
Tin advanced while lead, zinc and nickel declined
Rubber prices edged higher in international markets. In Kerala, RSS-4 rubber touched ₹252.50 per kg.
Cocoa prices weakened again:
Cocoa fell to $4099 a tonne
Concerns persist over heavy rains and flooding in Ivory Coast affecting production
The US dollar index eased to 99.02.
Euro strengthened to $1.1651
Pound slipped to $1.3447
Japanese yen weakened further
The yield on the 10-year US Treasury bond eased to 4.453 percent.
The rupee weakened marginally on Wednesday, closing one paisa lower at ₹95.69 against the dollar. The Reserve Bank reportedly intervened heavily by selling dollars, but pressure on the rupee persists.
In the non-deliverable forward (NDF) market, the dollar traded around ₹95.84 this morning.
Hopes of easing US-Iran tensions pushed crude oil prices lower.
Brent crude closed at $93.71 a barrel
It slipped further to $93.37 this morning
WTI crude fell to $88.29
Cryptocurrency markets continued to trade under pressure.
Bitcoin slipped below $73,500
Ether hovered around $2000
Solana traded slightly above $82
Sensex: 75,867.80 (-0.19 percent)
Nifty 50: 23,907.15 (-0.03 percent)
Bank Nifty: 54,853.85 (-0.43 percent)
Mid cap 100: 62,558.85 (+0.42 percent)
Small cap 100: 18,294.30 (+0.15 percent)
Dow Jones: 50,644.28 (+0.36 percent)
S&P 500: 7520.36 (+0.02 percent)
Nasdaq: 26,674.74 (+0.07 percent)
Dollar: ₹95.69 (+₹0.01)
Gold (ounce): $4457.50 (-$51.30)
Gold (sovereign): ₹1,15,000 (-₹1520)
Brent crude: $94.21 (-$5.29)
Dow Jones: 50,668.97 (+0.05 percent)
S&P 500: 7563.63 (+0.58 percent)
Nasdaq: 26,917.47 (+0.91 percent)
Gold (ounce): $4496.90 (+$39.50)
Gold (sovereign): ₹1,14,440 (-₹560)
