Market observers believe that concerns surrounding the West Asian conflict will continue to weigh on the markets today. There are looming threats that if a consensus is not reached today, hostilities may resume.
Major Asian markets and US futures are currently trading higher. The dip in crude oil prices alongside the rise in gold reflects a sense of "cautious optimism" within the market.
In Gift City’s derivative trading, the Gift Nifty closed at 24,440.00 on Monday night. Although it dipped to 24,385 this morning, it subsequently recovered to climb above 24,400. This suggests that the Nifty is likely to open today's session with marginal gains.
In March, industrial production across the country's eight core sectors declined by 0.4%. The core sector output growth for the 2025-26 fiscal year stands at just 2.6%, marking the lowest growth rate since the pandemic.
Despite lingering uncertainties regarding US-Iran talks, preparations for dialogue are reportedly underway in the Pakistani capital. Indications suggest that US Vice President J.D. Vance will lead the American delegation. While Iran officially denies the talks, reports indicate that second-tier representatives from both nations have been engaged in discussions in Islamabad for several days.
The primary points of contention include control over the Strait of Hormuz, nuclear fuel stockpiles, and the future of armed groups like the Houthis, Hamas, and Hezbollah, which receive financial and military support from Iran. The current ceasefire is set to expire by Wednesday, US time. US President Donald Trump has warned that if an agreement is not reached by then, Iran’s bridges and power plants will be targeted for destruction. However, Trump claimed yesterday that a deal remains likely.
Uncertainty regarding the US-Iran talks caused US markets to close slightly lower yesterday. The Nasdaq index retreated after a 13-day winning streak.
In a major corporate update, Apple announced that Senior Vice President John Ternus will succeed Tim Cook as CEO. Cook, 65, will transition to the role of Executive Chairman, with the changes taking effect on September 1. During his 15-year tenure, Cook led Apple’s market value to grow 24-fold, reaching $4 trillion. Apple shares, which rose 1.04% during regular trading, dipped 0.61% in after-hours trading following the announcement.
On Monday, the Dow Jones Industrial Average fell 4.87 points (0.01%) to close at 49,442.56. The S&P 500 ended at 7,109.14, down 16.92 points (0.24%), while the Nasdaq closed at 24,404.39, losing 64.09 points (0.26%). This morning, US futures are in the green, with the Dow up 104 points, the S&P 500 up 13 points, and the Nasdaq gaining 78 points.
In New York, HDFC Bank ADR fell 3.38% on Monday and dropped another 0.15% in after-hours trading to reach $26.58. ICICI Bank ADR dipped 0.17% during regular hours but rose 0.45% in after-hours to $28.88. Infosys ADR fell 1.73% initially but climbed 0.63% in after-hours to $14.30. Wipro fell 2.28% but recovered 1.40% in late trading to reach $2.17.
European markets fell by approximately 1% on Monday. Despite the geopolitical situation, Asian markets opened higher this morning. Japan’s Nikkei rose 1.10% and South Korea’s Kospi gained 1.50%. Conversely, the Australian index fell 0.30%. While Chinese markets opened lower, the Hong Kong market started on a positive note.
The Indian market lacked a clear direction throughout Monday’s session. After a weak start, indices turned volatile, made a significant recovery, but then faced fluctuations again before closing with nominal gains.
Foreign Institutional Investors (FIIs), who were buyers recently, turned net sellers on Monday, while Domestic Institutional Investors (DIIs) emerged as major buyers. In the cash market, FIIs made a net sale of ₹1,059.93 crore, while DIIs made a net purchase of ₹2,966.89 crore.
On Friday, the Sensex rose 26.76 points (0.03%) to close at 78,520.30. The Nifty ended at 24,364.85, up 11.30 points (0.05%). The Bank Nifty gained 16.65 points (0.03%) to close at 56,582.35. The Midcap 100 index fell 0.18%, and the Smallcap 100 index lost 0.45%.
• JSW Steel has formed a 50:50 joint venture with South Korea’s POSCO to establish a 6-million-tonne steel plant in Odisha.
• Vedanta Limited announced May 1 as the record date for its demerger into four companies: Vedanta Aluminium Metal, Talwandi Sabo Power, Malco Energy, and Vedanta Iron and Steel.
• PNB Housing Finance reported an 8.2% increase in net interest income and a 14.39% rise in net profit for the fourth quarter.
• TVS Motor has partnered with Hyundai Motor to manufacture electric three-wheelers.
• Hindustan Copper approved a capital expenditure plan of ₹7,188.60 crore to triple its production capacity by 2030.
• SML Isuzu (SML Mahindra) saw a 16.4% revenue increase in Q4, but profit margins dropped from 11.7% to 10.1%, with net profit growing by only 2.36%.
• Gold & Silver: Gold recovered from its lows to close at $4,821.60 per ounce. In Kerala, 22-carat gold dropped by ₹360 to ₹1,13,880 per sovereign. Silver closed at $79.85 per ounce.
• Crude Oil: Prices dipped despite peace-talk uncertainties. Brent crude fell to $94.66, and WTI stood at $86.53. The average price for the Indian crude basket fell to $100.41.
• Rupee: The Indian Rupee weakened by 20 paise to close at 93.13 per Dollar. However, following the easing of forward trading restrictions after market hours, the Dollar stood at 93.09 in the NDF market this morning.
• Crypto: Cryptocurrencies edged higher with Bitcoin approaching $76,100, Ether above $2,320, and Solana over $85.60.
