1 month ago
Indian Markets Set for Muted‑Positive Start Amid Global Tensions
The Indian stock market is expected to open a little higher on Friday, 31 July.
The main indices, Sensex and Nifty 50, finished the day before at 77,928.15 and 24,317.15.
A special index called Gift Nifty was trading around 24,428, showing a small gain.
Global oil prices were also up, with Brent crude above $89 a barrel and WTI near $84.
Gold stayed strong at about $4,109 an ounce because the US dollar fell and the Federal Reserve kept rates steady.
Meanwhile, tensions between the US and Iran are still affecting markets, but shipping through the Strait of Hormuz has improved.
Analysts suggest buying stocks that are temporarily cheaper, like Marico, CreditAccess Grameen, Kotak Mahindra Bank, Indusind Bank, and Adani Total Gas, for short‑term trading.
Sensex and Nifty 50 are expected to open muted‑to‑positive on Friday, 31 July.
Gift Nifty futures traded around 24,428, a 70‑point premium over Nifty futures.
Brent crude rose above $89 a barrel, WTI near $84, and gold held gains near $4,109 an ounce.
US‑Iran tensions continue to influence global markets, with Saudi Arabia and 14 other countries backing a maritime defence alliance.
Analysts recommend a “buy‑on‑dips” strategy, highlighting stocks such as Marico, CreditAccess Grameen, Kotak Mahindra Bank, Indusind Bank, and Adani Total Gas.
- Who
- Indian stock market participants, analysts, global investors, US‑Iran conflict actors
- What
- Forecast of muted‑to‑positive opening for Sensex and Nifty 50, commodity price movements, and geopolitical tensions
- Where
- Bombay Stock Exchange, National Stock Exchange, global markets, Strait of Hormuz, Port of Damietta
- When
- Friday, 31 July 2024 (market opening) with context of the previous session
- Why
- Improved risk sentiment from tech rally and FPI buying, tempered by ongoing US‑Iran tensions
Key facts
- Sensex closing
- 77,928.15
- Nifty 50 closing
- 24,317.15
- Gift Nifty level
- 24,428
- Brent crude price
- $89+ per barrel
- Gold price
- $4,109.23 per ounce
Quotes
Ajit Mishra
Senior Vice President, Research at Religare Broking
“Indian equity markets are poised for a steady start, extending their recent recovery as a sharp rally on Wall Street and a broad rebound across Asian markets improve global risk sentiment.”
livemint.com
“The Nifty 50 is encountering resistance near the 24,400 zone, which coincides with the 200‑day EMA.”
livemint.com








