Gift Nifty, US-Iran war, oil prices to Q1 results: 8 key things that changed for Indian stock market over weekend

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Monday, following weak cues from global markets, as the escalating US-Iran war and Brent crude oil prices surging above $90 a barrel weigh on investor sentiment.

Asian markets traded lower, while the US stock market dipped last week, amid selloff in semiconductor stocks.

On Friday, the Indian stock market ended with stellar gains, lifted by a rally in index heavyweights ahead of Q1 results.

The Sensex jumped 964.58 points, or 1.25%, to close at 78,151.45, while the Nifty 50 settled 261.55 points, or 1.09%, higher at 24,334.30.

“While the broader trend has turned constructive again, we continue to advocate a stock-specific approach with a ‘buy-on-dips” strategy, focusing on sectors and themes that are demonstrating strength on a rotational basis,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.

Asian markets traded mixed on Monday, amid concerns over escalating US-Iran war in the Middle East. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.3%. South Korea’s Kospi declined 1.43%, while the Kosdaq slipped 3.77%. Hong Kong Hang Seng index futures indicated a higher opening. Japanese markets are closed for a holiday.

Gift Nifty was trading around 24,293 level, a discount of nearly 29 points from the Nifty futures’ previous close, indicating a weak start for the Indian stock market indices.

US stock market ended lower on Friday, with all three major indices also posting weekly losses, as the selloff in semiconductor stocks broadened.

The Dow Jones Industrial Average fell 406.55 points, or 0.77%, to 52,146.42, and the S&P 500 declined 76.08 points, or 1.01%, to 7,457.69. The Nasdaq Composite closed 361.70 points, or 1.40%, lower at 25,520.24.

Nvidia stock price dropped 2.21%, Microsoft shares fell 1.82%, Meta share price declined 2.79%, Alphabet shares shed 2.17%, Tesla stock price slipped 2.61%, and SpaceX shares tanked 5.43%.

The US began a new round of airstrikes targeting Iran on Monday after announcing the death of another American service member, and Iran fired missiles toward Jordan that risked widening the conflict into neighboring Israel, PTI reported. Meanwhile, Bahrain's interior ministry said that air raid sirens were sounded in the country.

Reliance Industries reported Q1FY27 revenue from operations of ₹3,11,850 crore, up 4.4% QoQ, while net profit rose 23.4% QoQ to ₹20,946 crore. RIL’s Q1 EBITDA in June quarter grew by 10% YoY to ₹54,067 crore. All business segments reported double-digit growth.

Major private and public sector banks announced their Q1 results during the weekend. HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Yes Bank, Punjab National Bank (PNB), IDBI Bank, RBL Bank and Punjab & Sind Bank declared their June quarter earnings.

Crude oil prices rose to the highest level in more than a month after US and Iranian attacks escalated over the weekend. Brent crude futures rose 2.71% to $90.49 a barrel, extending gains after rising 15.9% last week. US West Texas Intermediate crude was at $84.42 a barrel, up 2.34%.

Gold prices fell on heightening inflation concerns and as several US Federal Reserve policymakers signalled that interest rate hikes may be needed to curb price pressures. Spot gold price fell 0.4% to $4,000.55 per ounce. US gold futures for August delivery eased 0.3% to $4,005.9. Spot silver prices gained 0.9% to $56.42 per ounce.