Pre-Open Market Update: Sensex, Nifty 50 Likely to Open Cautious on April 24

Pre-Market Update at 7:44 AM: The Indian benchmark indices, Sensex and Nifty 50, are likely to open cautiously on Friday, April 24, tracking mixed global cues. Investor sentiment remains subdued amid rising crude oil prices and escalating tensions between the U.S. and Iran in the Middle East.

Asian markets traded mixed, while U.S. equities ended lower, with Wall Street indices retreating from their recent record highs. Meanwhile, Gift Nifty hovered around the 24,235 mark, trading at a premium of about 77 points over the previous close of Nifty futures, signalling a mildly positive opening for Indian markets.

Geopolitical developments remain in focus as U.S. President Donald Trump stated that Israel and Lebanon have agreed to extend their ceasefire with Hezbollah by three weeks. He also reiterated that sanctions and blockade measures against Iran remain firmly in place and are proving effective.

On the macroeconomic front, initial jobless claims in the U.S. rose slightly by 6,000 to 214,000 for the week ended April 18, indicating a marginal uptick in unemployment filings.

Among corporate earnings, Infosys reported a strong performance for Q4 FY26. The company’s net profit rose 27.8 per cent quarter-on-quarter to Rs 8,501 crore, while revenue increased 2 per cent to Rs 46,402 crore. However, dollar revenue declined 1.2 per cent to USD 5,040 million. EBIT grew 2.8 per cent to Rs 9,743 crore, with margins improving to 21 per cent. Infosys also announced a final Dividend of Rs 25 per share.

In Japan, inflation eased below the central Bank’s 2 per cent target for the second consecutive month. Core CPI rose 1.8 per cent year-on-year in March, following a 1.6 per cent increase in February.

The U.S. dollar is heading for its first weekly gain in three weeks, with the dollar index holding steady at 98.81, up 0.59 per cent for the week. Crude oil prices climbed on renewed geopolitical concerns, with Brent crude rising 1.17 per cent to USD 106.3 per barrel and WTI crude gaining 1.12 per cent to USD 96.92 per barrel.

From a derivatives perspective, the Put-Call Ratio (PCR) stands at 0.83. Significant open interest on the Put side is concentrated at the 24,000 strike, suggesting this level could act as near-term support. On the Call side, notable open interest addition was seen at the 24,200 and 24,500 strikes, indicating strong resistance levels, with the highest concentration at 24,500 and 25,000.

Technically, the Nifty 50 has immediate support at 24,070. A break below this level could drag the index towards the key support zone of 23,907–24,146, where buying interest may emerge. On the upside, resistance is seen in the 24,300–24,340 range. A sustained move above this zone could revive momentum and push the index towards 24,550.

Several companies are set to announce their Quarterly Results today, including Reliance Industries, Shriram Finance, IndusInd Bank, Adani Green Energy, Can Fin Homes, Chennai Petroleum Corporation, DCB Bank, Hindustan Zinc, Lodha Developers, L&T Finance, Mahindra & Mahindra Financial Services, Mangalore Refinery and Petrochemicals, Supreme Petrochem, Tanla Platforms, and Zensar Technologies.

In derivatives, SAIL remains on the F&O ban list for April 24.

Institutional activity showed mixed trends. On April 23, Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs 3,254.71 crore. Domestic Institutional Investors (DIIs), however, were net buyers, purchasing shares worth Rs 941.35 crore.

On Thursday, the Indian stock market witnessed a sharp selloff for the second consecutive session. The Sensex fell 852.49 points, or 1.09 per cent, to close at 77,664.00, while the Nifty 50 declined 205.05 points, or 0.84 per cent, to settle at 24,173.05.

Globally, Wall Street closed lower amid escalating Middle East tensions and mixed corporate earnings. The Dow Jones Industrial Average declined 180.70 points, or 0.37 per cent, to 49,309.33. The S&P 500 fell 29.60 points, or 0.41 per cent, to 7,108.30, while the Nasdaq Composite dropped 219.06 points, or 0.89 per cent, to 24,438.50. Technology stocks saw notable declines, with Nvidia falling 1.41 per cent, Microsoft down 3.97 per cent, IBM dropping 8.25 per cent, Meta declining 2.31 per cent, and Tesla falling 3.56 per cent. In extended trading, Intel surged 20 per cent.

In commodities, gold prices remained steady but are on track for a weekly decline due to concerns over inflation and prolonged higher interest rates. Spot gold rose 0.1 per cent to USD 4,697 per ounce but is down 2.6 per cent for the week. Spot silver declined 0.1 per cent to USD 75.36 per ounce.

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

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