Indian equity markets witnessed a subdued start on Friday, with early trade indicating mild losses amid mixed global cues and lingering geopolitical uncertainty. The BSE Sensex began the session with a loss of more than 200 points, testing 77,450, while the NSE Nifty50 opened the day around 24,130, taking a hit of nearly 40 points, as of 9:15 AM.
Despite weak domestic cues, GIFT Nifty was marginally higher at 24,109, up 46 points, suggesting that losses at the open could remain contained.
Notably, In the pre-open session around 9:10 AM, the Sensex was down 180.20 points, or 0.23 per cent, at 77,483.80. The Nifty also slipped 72.50 points, or 0.30 per cent, to 24,100.55, reflecting cautious sentiment among investors.
However, the divergence between domestic benchmarks and GIFT Nifty highlights the fragile market mood, with traders unwilling to take aggressive positions.
US-Iran Deadlock Keeps Markets On Edge
Investor sentiment continues to be shaped by developments in West Asia, particularly the lack of progress in US-Iran negotiations.
Concerns are mounting that prolonged tensions could keep the Strait of Hormuz, a crucial global energy route, disrupted for longer, thereby sustaining pressure on oil prices and inflation expectations.
Lebanon-Israel Ceasefire Extension Offers Some Relief
On the positive side, markets found some comfort in the extension of the ceasefire between Lebanon and Israel.
Both sides have agreed to prolong the truce by three weeks following high-level discussions with US officials, offering a degree of stability in the broader region, even as other geopolitical risks persist.
Asian Markets Mixed; Nikkei Gains
Markets across Asia-Pacific were largely subdued in early trade.
South Korea’s Kospi declined 0.22 per cent, while Hong Kong’s Hang Seng slipped 0.45 per cent. In contrast, Japan’s Nikkei 225 rose 0.55 per cent after data showed a pick-up in core inflation to 1.8 per cent in March, marking the first acceleration in five months.
Crude Oil Above $100, Gold Falls
Crude oil prices remained elevated, with Brent trading above the $100-per-barrel mark.
The ongoing blockade in the Strait of Hormuz continues to disrupt supply flows, pushing prices higher. Brent crude futures were last seen around $107 per barrel, up 1.44 per cent. Sustained high oil prices remain a key concern for India, given their impact on inflation, currency stability, and corporate margins.
Precious metals traded slightly lower, with gold and silver futures declining 0.34 per cent and 0.42 per cent, respectively. The dip comes amid a rise in US bond yields and firm oil prices, which have reduced the appeal of safe-haven assets.
Q4 Earnings In Focus
Investors will also keep a close watch on the ongoing March quarter earnings season, which is expected to drive stock-specific action. Corporate results and management commentary are likely to influence sectoral trends and overall market direction in the near term.
Markets are expected to remain range-bound with a cautious undertone, as investors balance mixed global signals with persistent geopolitical risks.
Key triggers to watch include developments in the US-Iran situation, crude oil price movements, and corporate earnings announcements. While selective buying may emerge, elevated uncertainty could keep broader sentiment subdued.
