4 hours ago
1
Indian equities are poised for a cautious opening on Tuesday, June 17, with GIFT Nifty down 15 points in early trade, signaling a flat-to-negative start for benchmark indices. This comes after a strong rebound in Monday’s session, driven by positive domestic cues and short-covering. Investors are expected to remain vigilant amid ongoing geopolitical tensions and ahead of key global macro data.
GIFT Nifty (earlier SGX Nifty), traded on the NSE IX exchange, was down 12 points or 0.05 per cent at 24,989 at the last count. The move suggests a muted start for the Nifty 50, with the index likely to hover around the 25,000 psychological mark.
Technically, analysts expect resistance near 25,350 while support is firm around 24,850. The absence of a strong trigger from global markets may keep the index in consolidation mode.
Defence, oil & agro stocks may remain active
With the Israel-Iran conflict entering its fourth day, defence and crude-linked stocks are expected to be in focus. Over the weekend, Israel expanded its military offensive, targeting Iranian defence facilities and oil infrastructure, including the world’s largest gas field.
Crude prices spiked over 2 per cent early Tuesday on fears of escalation, although they had eased on Monday following no damage to production assets. This could impact oil marketing companies, aviation, and paint stocks.
Meanwhile, above-normal rainfall projections could drive momentum in sectors like fertilisers, agrochemicals, and rural FMCG. Stocks like Chambal Fertilisers and UPL may attract interest.
US markets rally; Asia cautious
Wall Street ended higher overnight:
-
Dow Jones: +0.75%
-
S&P 500: +0.94%
-
Nasdaq: +1.52%
Investors were relieved that Middle East tensions had not yet disrupted oil supply. S&P 500 reclaimed the 6,000 level.
However, Asian markets were mixed on Tuesday:
-
Japan’s Topix: Flat
-
Australia’s ASX 200: -0.1%
-
S&P 500 futures: -0.5% in early Tokyo trade
Euro Stoxx 50 futures were up 0.9%, indicating potential strength in Europe.
FIIs trim short bets; DII support continues
Foreign institutional investors (FIIs) pared down their net short positions in index futures from Rs 1.04 lakh crore on Friday to Rs 1.01 lakh crore on Monday. However, they remained net sellers in equities, offloading shares worth Rs 2,539 crore.
Domestic institutional investors (DIIs) continued to support the market, making net purchases worth Rs 5,781 crore, reflecting strong buying interest in select largecaps.
Rupee gains; oil, dollar in focus
The Indian rupee appreciated by 7 paise to close at 86.04 per dollar, supported by positive equities and easing crude oil prices. However, with the dollar firming up globally on safe-haven demand, volatility in the forex market could resurface.
F&O ban list sees additions
Nine stocks are under the F&O ban today:
-
IREDA
-
CDSL
-
ABFRL
-
Chambal Fertilisers
-
Hindustan Copper
-
RBL Bank
-
Titagarh
-
IEX
-
Birlasoft
These counters have crossed 95 per cent of the market-wide position limit.
Market outlook
With no clear directional cue from global markets, Indian equities may consolidate near all-time highs. Traders should keep an eye on defence, oil-sensitive, and monsoon-linked stocks. Any escalation in the Israel-Iran conflict or surprise commentary from the US Fed could lead to volatility.
English (US) ·