Stock market today: Gift Nifty hints a weak start; seven day trading stocks to buy on Friday, 24 July
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The Indian stock market is expected to open weakly on July 24, following global equity losses due to escalating geopolitical tensions in the Middle East and rising crude oil prices. The Sensex and Nifty 50 have extended their declines, with concerns over inflation and elevated bond yields contributing to a risk-off sentiment among investors. As geopolitical uncertainties persist, particularly with U.S. military actions in Iran, market sentiment remains fragile.
The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a weak note on Friday, 24 July, tracking losses in global equities as escalating geopolitical tensions in the Middle East, surging crude oil prices, and rising bond yields dampened investor sentiment and reignited inflation concerns.
Asian markets traded lower, while the US stock market ended sharply weaker overnight, with the Nasdaq dropping more than 2% amid a broad-based risk-off selloff.
On Thursday, domestic benchmark indices extended their losing streak to a fourth consecutive session, as higher crude oil prices and geopolitical uncertainty weighed on market sentiment.
The Sensex fell 363.66 points, or 0.47%, to close at 76,391.39, while the Nifty 50 declined 126.65 points, or 0.53%, to settle at 23,869.60.
The US military carried out another round of strikes on Iran, marking the 13th consecutive night of American attacks. According to the US Central Command, the latest operation lasted for more than two hours, keeping geopolitical tensions elevated and raising concerns over energy supplies.
The United States announced fresh tariff rates of 10% and 12.5% on imports from several countries under Section 301. India was placed in the lower 10% tariff category. The US Trade Representative (USTR) said the duties apply to imports from 60 countries, citing insufficient efforts to curb goods allegedly produced using forced labour.
Crude oil prices remained elevated despite a slight pullback on Friday. Brent crude slipped 0.72% to $99.97 a barrel, while WTI crude declined 0.76% to $91.49 a barrel. However, both benchmarks were on track for strong weekly gains, with Brent up 13.5% and WTI advancing 10.9% after surging earlier this week on fears of supply disruptions.
Gold prices edged lower as persistent inflation concerns strengthened expectations that central banks could keep interest rates higher for longer. Spot gold eased 0.1% to $4,042.77 per ounce, while US gold futures for August delivery fell 0.1% to $4,045.60. Despite the decline, bullion remained on course for a modest 0.6% weekly gain. Spot silver also slipped 0.2% to $57.56 per ounce.
The Gift Nifty Live Chart shows a weak start for the Indian stock market today. By 7:43 AM, the Gift Nifty was trading around the 23,693 level, a discount of 180.6 points from the Nifty futures’ previous close of 23,873.60.
Ponmudi R, CEO of Enrich Money, said that Indian equities are poised for a weak start as investors remain on edge amid escalating geopolitical tensions in the Middle East and a sharp surge in global crude oil prices. The renewed spike in energy costs has heightened inflation concerns, prompting a rise in U.S. Treasury yields and reinforcing a broader risk-off mood across global financial markets.
WTI crude has climbed into the $92–93 per barrel range, while Brent has moved above the psychologically important $100-a-barrel mark, raising fresh concerns over global growth and the outlook for major oil-importing economies such as India.
Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, said the Nifty 50 has once again retested the lower band of its prevailing consolidation range of 23,800–24,400. A decisive break below this support could trigger the next leg of the decline towards the 23,600 zone, which coincides with the rising trendline support. On the upside, the 24,000–24,150 region is expected to act as the immediate resistance on any rebound.
On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes Bank Nifty is expected to trade with a negative bias, extending the sustained weakness witnessed over recent sessions. The index continues to hold below its key resistance levels and remains just above its 200-day EMA (56,495), indicating that bears remain firmly in control of the near-term trend. From a technical perspective, the 56,800–56,900 zone stands as the immediate resistance, f...
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