Opening Bell: Nifty 50 Falls Over 0.36%, Sensex Drops 384 Points as Brent Crude Jumps to $97.50 Amid Breach of Iran-U.S. Ceasefire

Market Update at 09:35 AM: Indian equity benchmarks opened on a weak note on Thursday, with the Nifty 50 and the Sensex slipping in early trade as rising crude oil prices and escalating geopolitical tensions weighed on investor sentiment.

The decline comes after oil prices resumed their rally following Iran’s accusation that the U.S. violated the ceasefire agreement. Iran’s Parliament Speaker Mohammad Bagher Ghalibaf stated that deep distrust toward the U.S. stems from its repeated pattern of violating agreements. He cited Israel’s continued attacks on Lebanon and the presence of drones in Iranian airspace as key concerns in a statement shared on social media.

As of 9:18 AM, the Nifty 50 was trading 0.36 per cent, or 86.90 points lower, at 23,910.55. The Sensex declined 0.50 per cent, or 384.78 points, to 77,178.12.

Among the Top Losers in the Nifty 50 index were Infosys, Adani Ports and Special Economic Zone, Shriram Finance, and HCLTech, reflecting pressure on heavyweight stocks, particularly in the IT space.

Despite the weakness in frontline indices, broader markets showed resilience. The Nifty MidCap index was up 0.28 per cent, while the Nifty SmallCap index gained 0.57 per cent, indicating selective buying in mid- and Small-Cap stocks.

On the sectoral front, the Nifty Metal and Nifty Media indices outperformed the broader market, while the Nifty IT index witnessed the sharpest decline among sectors.

Meanwhile, global oil prices surged, with Brent Crude’s April contract rising 2.9 per cent to trade at USD 97.50 per barrel, adding to inflationary concerns and dampening market sentiment.

Pre-Market Update at 7:46 AM: The benchmark indices of the Indian stock market, Sensex and Nifty 50, are likely to open on a weaker note on Thursday, April 9, tracking mixed global cues. The initial optimism surrounding the two-week U.S.-Iran ceasefire has faded amid reports of violations, keeping investor sentiment cautious.

Asian markets traded in the red, while U.S. equities closed sharply higher overnight, with the Dow Jones posting its biggest single-day percentage gain in a year. As of 7:30 am, GIFT Nifty hovered around 23,969, down by 130 points from the previous close of Nifty futures, indicating a gap-down opening of around 100 points for Indian equity benchmarks.

Asian equities declined on Thursday amid renewed concerns over the U.S.-Iran ceasefire. Japan’s Nikkei 225 fell 0.43 per cent, while the Topix dropped 0.72 per cent. South Korea’s Kospi declined 0.91 per cent and the Kosdaq slipped 0.97 per cent, reflecting cautious sentiment across the region.

The White House confirmed that the U.S. will engage in direct negotiations with Iran, with Vice President JD Vance leading the delegation in Islamabad. The first round of discussions is scheduled for Saturday morning (local time). Despite diplomatic efforts, tensions remain elevated in the Middle East. Sporadic clashes continue, including Iranian strikes on Gulf nations, while the Strait of Hormuz remains largely obstructed. Israel has also intensified strikes on Lebanon, drawing strong warnings of retaliation from Iran.

The U.S. dollar steadied after hitting a one-month low. The dollar index edged up 0.03 per cent to 99.09, indicating limited recovery amid geopolitical uncertainty.

Oil prices moved higher due to concerns over the stability of the ceasefire and continued disruptions in the Strait of Hormuz. Brent crude rose 1.74 per cent to USD 95.67 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed 2.14 per cent to USD 92.84 per barrel.

From a derivatives perspective, the Put-Call Ratio (PCR) stands at 1.20, indicating relatively bullish positioning. On the Put (PE) side, the 24,000 strike has significant open interest, suggesting strong support. On the Call (CE) side, major open interest is concentrated at 24,000 and 24,500 strikes, making these key resistance levels.

For April 9, Nifty 50 faces immediate resistance at 24,000, followed by 24,300. On the downside, support is placed at 23,827, followed by 23,500.

Sammaan Capital and SAIL remain under the F&O ban for April 9.

On April 7, Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs 2,811.97 crore, while Domestic Institutional Investors (DIIs) bought shares worth Rs 4,168.17 crore. FIIs have now been net sellers for 26 consecutive trading sessions.

In the previous session on Wednesday, the Indian stock market ended with strong gains supported by the U.S.-Iran ceasefire and RBI policy outcome. The Sensex surged 2,946.32 points, or 3.95 per cent, to close at 77,562.90, while the Nifty 50 gained 873.70 points, or 3.78 per cent, to settle at 23,997.35.

U.S. stock markets closed higher on Wednesday amid improved sentiment following the ceasefire announcement. The Dow Jones Industrial Average jumped 1,326.33 points, or 2.85 per cent, to 47,910.79. The S&P 500 rose 165.98 points, or 2.51 per cent, to 6,782.83, while the Nasdaq Composite advanced 617.15 points, or 2.80 per cent, to 22,635.00.

Among individual stocks, Nvidia gained 2.23 per cent, AMD rose 4.64 per cent, Amazon climbed 3.50 per cent, and Apple added 2.13 per cent, while Tesla slipped 0.98 per cent. Delta Air Lines rose 3.8 per cent, while Southwest Airlines and United Airlines surged 6.7 per cent and 7.9 per cent, respectively. Carnival jumped 11.2 per cent, Norwegian Cruise Line gained 7.6 per cent, and Levi Strauss advanced 10.7 per cent.

Gold prices remained steady as investors awaited clarity on U.S.-Iran developments, with spot gold largely unchanged at USD 4,715.42 per ounce. Silver prices declined, with spot silver falling 0.4 per cent to USD 73.83 per ounce.

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