Pre-Marker Update: Nifty, Sensex Set for Positive Start on April 27; GIFT Nifty at 24,124 Signals 170-Point Premium

Pre-Market Update at 7:38 AM: Indian benchmark indices, the BSE Sensex and Nifty 50, are likely to open on a positive note on Monday, April 27, tracking a strong rally in global markets amid renewed optimism over potential U.S.–Iran peace talks. Iran, through Pakistani mediators, has proposed a fresh plan to the United States aimed at reopening the Strait of Hormuz and ending the ongoing conflict.

The GIFT Nifty was hovering near the 24,124 mark, trading at a premium of nearly 170 points over the previous close of Nifty futures, indicating a firm start for domestic equities. Asian markets were trading in the green, while U.S. equities ended last week on a strong footing, with both the S&P 500 and Nasdaq Composite closing at record highs.

The U.S.–Iran geopolitical situation remains a key trigger. Iran’s proposal, as reported by Axios citing U.S. officials, includes reopening the Strait of Hormuz and postponing nuclear negotiations. This follows the collapse of earlier talks in Pakistan, and any progress on this front is likely to influence global risk sentiment and energy prices.

Among domestic cues, Reliance Industries reported its Q4FY26 results with a 12.6 per cent year-on-year decline in consolidated net profit at Rs 16,971 crore. However, revenue from operations rose 12.9 per cent YoY to Rs 2,98,621 crore. Consolidated EBITDA declined marginally by 0.3 per cent YoY to Rs 48,588 crore, while EBITDA margins contracted by 200 basis points to 14.9 per cent. The company declared a Dividend of Rs 6 per share for FY26.

Crude oil prices surged due to continued delays in U.S.–Iran peace discussions impacting shipments through the Strait of Hormuz. Brent crude rose 2.05 per cent to USD 107.49 per barrel, while U.S. West Texas Intermediate gained 1.88 per cent to USD 96.17 per barrel. Meanwhile, the U.S. dollar strengthened on safe-haven demand, with the dollar index rising to 98.623.

From a derivatives perspective, the Put-Call Ratio (PCR) stands at 0.67, indicating a cautious market undertone. On the Put side, significant open interest is concentrated at 23,500 and 23,000 levels, suggesting these may act as support zones. On the Call side, notable open interest addition was seen at 24,000 and 24,100 strikes, indicating strong resistance levels. Additionally, high open interest remains at 24,000 and 25,200 strikes.

Technically, 23,700 is seen as immediate support for the Nifty 50, followed by a crucial downside level at 23,500. On the upside, resistance is expected at 24,000 and then at 24,200. A sustained move above 24,200 could push the index towards 24,600.

In the derivatives segment, SAIL remains under the F&O ban list for the day.

Institutional activity showed divergent trends in the previous session. Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs 8,827.87 crore, while Domestic Institutional Investors (DIIs) bought shares worth Rs 4,700.71 crore.

On Friday, Indian markets ended sharply lower due to rising crude oil prices and escalating geopolitical tensions. The Sensex fell 999.79 points, or 1.29 per cent, to close at 76,664.21, while the Nifty 50 declined 275.10 points, or 1.14 per cent, to settle at 23,897.95.

In global markets, U.S. equities closed mixed. The Dow Jones Industrial Average declined 79.61 points, or 0.16 per cent, to 49,230.71. Meanwhile, the S&P 500 rose 56.68 points, or 0.80 per cent, to 7,165.08, and the Nasdaq Composite gained 398.09 points, or 1.63 per cent, to close at 24,836.60. For the week, the S&P 500 advanced 0.55 per cent, the Nasdaq climbed 1.5 per cent, while the Dow slipped 0.44 per cent.

Among major stocks, Nvidia surged 4.32 per cent, while AMD and Arm Holdings jumped around 14 per cent each. Amazon gained 3.49 per cent, and Microsoft rose 2.13 per cent.

In commodities, gold prices declined under pressure from a stronger dollar. Spot gold fell 0.3 per cent to USD 4,694.26 per ounce, registering a weekly loss of 2.5 per cent and snapping a four-week winning streak. Spot silver also declined 0.3 per cent to USD 75.48 per ounce.

Disclaimer: The article is for informational purposes only and not investment advice.

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