Peace efforts in West Asia, mediated by Pakistan, have made little headway, though negotiations continue. Iran is expected to present a fresh proposal in the coming days. Meanwhile, the Organization of the Petroleum Exporting Countries faces a setback after the United Arab Emirates announced its exit—raising concerns about the bloc’s cohesion. Crude prices briefly dipped on the news but rebounded.
Asian markets opened lower, tracking weakness in the US, where concerns over AI sector growth dragged the Nasdaq Composite. Investors are now focused on earnings from major US tech companies due later today.
Gift Nifty, trading at GIFT City, closed at 24,098 on Tuesday night, dipped to 23,957 early morning, and recovered to 24,092—indicating a mildly positive start for Indian markets.
Wall Street declined amid rising oil prices and fading hopes of US-Iran talks. Concerns over weaker-than-expected growth in AI businesses weighed on technology stocks, following cautious commentary from industry executives.
Markets are now awaiting results from Alphabet Inc., Amazon, Meta Platforms, and Microsoft.
The US Federal Reserve, led by Jerome Powell, will announce its policy decision today. Rates are expected to remain unchanged, with Kevin Warsh likely to take over as Fed chair next month.
Dow Jones fell 25.86 points (0.05 percent) to 49,141.93
S&P 500 declined 35.11 points (0.49 percent) to 7,138.80
Nasdaq dropped 223.30 points (0.90 percent) to 24,663.80
US futures, however, traded higher this morning.
Indian equities turned volatile as crude surged past $111. After early gains, benchmarks slipped into losses.
BSE Sensex: down 416.72 points (0.54 percent) at 76,886.91
Nifty 50: down 97 points (0.40 percent) at 23,995.70
Bank Nifty fell 1.54 percent
Mid cap and small cap indices ended with modest gains despite losing early momentum. Banking, auto and IT stocks led declines.
Foreign institutional investors sold ₹2,103.74 crore, while domestic institutions bought ₹1,712.01 crore.
The Reserve Bank of India has proposed stricter norms for recognising and provisioning bad loans from next April.
Provisioning to begin before actual default risk materialises
Shift from current system of recognising NPAs after 90 days
Estimated impact: ₹60,000 crore reduction in bank profits
Public sector banks are likely to be hit the hardest. Banking stocks declined sharply on Tuesday.
European markets ended lower amid continued uncertainty in West Asia.
Asian markets opened weak:
Japan’s Nikkei down about 1 percent
South Korea’s Kospi down 0.5 percent
Australia down 0.45 percent
China and Hong Kong slightly lower
Gold declined amid geopolitical uncertainty.
Gold closed at $4,596.90 per ounce, down $86
Kerala gold price fell ₹2,040 to ₹1,10,680 per sovereign
Crude oil remains elevated:
Brent at $111.26 per barrel
WTI near $100
Indian basket at $110.05
Concerns over shipping disruptions in the Strait of Hormuz and the UAE’s OPEC exit are adding to volatility.
Industrial metals declined:
Copper down 2.43 percent
Aluminium down 1.05 percent
Rubber prices surged in Bangkok markets, while cocoa and coffee gained. Palm oil edged higher, while fertiliser prices showed mixed trends.
Dollar index at 98.65
Euro at $1.1718; pound at $1.3524
Yen at 159.53 per dollar
Yuan weakens to 6.84 per dollar
Indian rupee weakened:
Closed at ₹94.54 per dollar (down 35 paise)
NDF market indicates further weakness to ₹94.65
US 10-year yield rose to 4.348 percent.
Cryptocurrencies declined again:
Bitcoin below $76,500
Ethereum below $2,300
Solana below $84
Sensex: 76,886.91 (-0.54%)
Nifty 50: 23,995.70 (-0.40%)
Bank Nifty: 55,400.35 (-1.54%)
Midcap 100: 60,419.40 (+0.28%)
Smallcap 100: 17,976.10 (+0.42%)
Dow Jones: 49,141.93 (-0.05%)
S&P 500: 7,138.80 (-0.49%)
Nasdaq: 24,663.80 (-0.90%)
Dollar/₹: 94.54 (+0.35)
Gold (oz): $4,596.90 (-86)
Gold (sovereign): ₹1,10,680 (-₹2,040)
Brent crude: $111.26 (+$2.99)
