Stock market today: Gift Nifty hints cautious start; seven day trading stocks to buy on Thursday, 9 July

Stock market news: The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to see a bout of short-covering on Thursday after witnessing a sharp selloff in the previous session, triggered by escalating tensions in the US-Iran conflict and a surge in crude oil prices.

Asian markets traded higher on Thursday, while the US stock market ended mixed overnight as investors assessed the latest developments in the Middle East.

On Wednesday, Indian equities witnessed broad-based selling after the escalation of the US-Iran war heightened geopolitical concerns and pushed crude oil prices higher.

The BSE Sensex plunged 1,677.12 points, or 2.15%, to close at 76,503.60, while the NSE Nifty 50 dropped 516.65 points, or 2.12%, to settle at 23,882.05.

The US military launched fresh strikes on Iran aimed at keeping the strategic Strait of Hormuz open for global shipping, hours after President Donald Trump declared that the interim agreement to end the conflict was "over," escalating tensions in the Middle East.

Minutes from the US Federal Reserve's June policy meeting showed that some officials saw a case for raising interest rates, citing elevated inflation risks stemming from the Middle East conflict. With the labour market remaining resilient, "a few participants commented that, in light of these developments, there was a case for raising the target range for the federal funds rate," according to the minutes, as reported by AFP.

Crude oil prices extended gains after the US launched fresh strikes on Iran, fuelling concerns over potential disruptions to energy supplies from the Middle East. Brent crude futures rose 1.03% to $78.82 a barrel, while US West Texas Intermediate (WTI) crude advanced 0.98% to $74.24 a barrel.

Gold prices slipped after touching a one-week low in the previous session as renewed concerns over persistent inflation and higher interest rates weighed on sentiment. Spot gold fell 0.3% to $4,066.24 per ounce, while US gold futures for August delivery eased 0.1% to $4,077 per ounce. Spot silver also declined 0.3% to $58.13 per ounce.

The Gift Nifty Live Chart shows a positive start for the Indian stock market today. By 8:16 AM, the Gift Nifty was trading around the 23,976.5 level, a premium of 64.3 points from the Nifty futures’ previous close of 23,912.20.

Ponmudi R, CEO of Enrich Money, said that Indian equity markets are expected to trade with a cautious undertone as geopolitical tensions in the Middle East have escalated further. Investor sentiment remains under pressure after the United States launched fresh strikes on Iran, with US President Donald Trump stating that the ceasefire is "over." The renewed military action has heightened concerns over regional stability and raised fears of potential disruptions to global energy supplies.

Crude oil prices remain elevated amid supply disruption concerns, with Brent crude currently trading in the $74–75 per barrel range after extending its recent rally.

Meanwhile, the Indian Rupee has weakened to a one-month low, currently trading near the 95.5 level against the US Dollar, as rising crude oil prices and heightened global risk aversion continue to weigh on the domestic currency.

Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, said the Nifty 50 has slipped decisively below the key support zone of 24,000–24,150 and fallen beneath its major moving averages, weakening the near-term technical structure. The next crucial support is placed in the 23,650–23,800 zone, while any rebound is likely to face stiff resistance in the 24,150–24,300 region.

On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes the Bank Nifty continues to trade with a weak near-term bias, reflecting sustained selling pressure after slipping below key support levels. From a technical perspective, the index must first reclaim the 57,200 level to stabilize the prevailing weakness. A sustaine...