Diplomatic activity around the Strait of Hormuz continues, with US President Donald Trump stating that ships stranded due to Iran’s restrictions will be escorted out under US protection from today. Trump also rejected Iran’s proposal for talks sent on Sunday. The proposal included reopening Hormuz under new arrangements, nuclear negotiations only after sanctions relief, and a 15-year pause on uranium enrichment.
Following the rejection, the US signalled it would ensure safe passage for vessels — a move Iran termed equivalent to a declaration of war, though it has not yet outlined countermeasures. Tehran said it is studying the US response.
Crude oil remains volatile, hovering near $108 amid the uncertainty.
Gift Nifty, which closed at 24,208.50 last week, rose to 24,293 in early trade before easing, indicating a positive start for Indian markets today.
Despite slow-moving diplomacy, US markets ended last week with gains. On Friday, the Dow Jones slipped while the S&P 500 and Nasdaq rose to record highs.
Dow Jones fell 152.87 points (0.31 percent) to 49,499.27
S&P 500 gained 21.11 points (0.29 percent) to 7,230.12
Nasdaq rose 222.13 points (0.89 percent) to 25,114.44
US futures were mixed this morning, with S&P 500 and Nasdaq slightly higher while Dow futures edged lower.
Indian stocks listed in New York traded in mixed directions:
HDFC Bank ADR fell 0.91 percent and slipped further to $25.15
ICICI Bank ADR declined initially but rebounded 2.12 percent to $26.98
Infosys ADR dipped 0.16 percent before recovering to $12.55
Wipro ADR fell initially but later gained to $2.05
European markets rose on Friday after crude prices cooled from highs near $126. The European Central Bank and Bank of England holding rates steady also supported sentiment. Meanwhile, the US announced reinstating a 25 percent tariff on European cars.
Asian markets are largely positive today:
Kospi opened at record highs
Chinese and Hong Kong markets edged up
Australian index slipped 0.20 percent
Japan’s Nikkei is closed for a holiday
Indian equities saw sharp early losses on Thursday as crude spiked above $126, but recovered partially as oil prices eased.
Nifty recovered nearly 200 points from intraday lows
IT and pharma were the only sectors in the green
Metals, PSU banks, FMCG, realty and consumer durables led declines
Foreign investors sold heavily:
FIIs net sold ₹8,047.86 crore
DIIs bought ₹3,487.10 crore
Key indices:
Sensex fell 582.86 points (0.75 percent) to 76,913.50
Nifty declined 180.10 points (0.74 percent) to 23,997.55
Bank Nifty dropped 540.25 points (0.98 percent)
Mid cap and small cap indices also declined
Market breadth remained weak, with declines outnumbering advances.
Kotak Mahindra Bank reported 8 percent growth in net interest income and 13 percent rise in net profit; NIM declined slightly
Avenue Supermarts (DMart) posted strong results with 27 percent growth in operating profit and 19 percent rise in revenue
Mazagon Dock saw margin expansion to 14.1 percent, though sequential performance weakened
Indus Towers reported modest revenue growth but slight margin pressure
Vodafone Idea’s AGR dues were reduced by 27 percent to ₹64,046 crore, below expectations
Zen Technologies reported sharp declines in revenue and profitability
Central Bank of India saw higher NII but lower profit
Adani Enterprises reported revenue growth but slipped into a loss
Gold remained volatile amid geopolitical tensions:
Closed Friday at $4,615 per ounce
Slipped towards $4,600 this morning
In Kerala, 22-carat gold rose ₹240 on Saturday to ₹1,10,680 per sovereign.
Silver edged up to $75.68 per ounce. Platinum, palladium and rhodium traded at $2,000, $1,513 and $9,650 respectively.
Industrial metals showed mixed trends:
Copper fell 0.93 percent to $12,895 per tonne
Aluminium rose 1.08 percent
Nickel, tin and zinc declined; lead gained
Natural rubber rose in Bangkok markets
Cocoa gained 0.76 percent
Tea prices surged 9.74 percent
Coffee steady; palm oil edged lower
Petrochemical prices showed mild gains
Urea dropped sharply by 14.23 percent to $585 per tonne
DAP edged down to $757.50
Dollar index slipped to 98.16 on Friday and remains volatile.
Euro at $1.1723
Pound at $1.3579
Yen strengthened to 156.98 per dollar
Yuan at 6.83 per dollar
US 10-year yield eased to 4.372 percent.
The rupee weakened sharply on Thursday:
Touched a record ₹95.33 per dollar
Recovered to ₹94.91 after RBI intervention and softer crude
In the NDF market, the rupee trades around ₹94.98.
Crude prices softened after Iran proposed a fresh negotiation formula:
Brent closed at $108.17 on Friday
Trades around $108 this morning
WTI at $101.80
Murban crude at $103.76
India basket at $116.52
OPEC+ members agreed to raise output by 1,88,000 barrels per day, but price impact remains limited.
Cryptocurrencies remain volatile:
Bitcoin slipped below $78,400 after crossing $79,000
Ether below $2,315
Solana below $84
Sensex: 76,913.50 (-0.75%)
Nifty 50: 23,997.55 (-0.74%)
Bank Nifty: 54,863.35 (-0.98%)
Midcap 100: 59,784.85 (-0.98%)
Smallcap 100: 18,007.15 (-0.48%)
Dow Jones: 49,652.14 (+1.62%)
S&P 500: 7,209.01 (+1.02%)
Nasdaq: 24,892.31 (+0.89%)
Dollar: ₹94.91
Gold ($/oz): 4,623.40
Gold (sovereign): ₹1,12,000
Brent crude: $110.40
Dow Jones: 49,499.27 (-0.31%)
S&P 500: 7,230.12 (+0.29%)
Nasdaq: 25,114.44 (+0.89%)
Gold ($/oz): 4,615.40
Gold (sovereign): ₹1,10,440 (₹1,10,680 on Saturday)
Brent crude: $108.17
