Sensex, Nifty 50 May Open Muted on April 17; Wipro Buyback, Global Cues in Focus

Pre-Market Update at 7:48 AM: The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open flat to lower on Friday, tracking mixed global cues, even as optimism builds around a possible resolution in the U.S.–Iran conflict. Asian markets traded lower, while U.S. markets ended higher overnight, with the Nasdaq extending its rally for a 12th consecutive session—its longest winning streak since July 2009.

As of 7:23 am, GIFT Nifty hovered around 24,170, largely unchanged from the previous close of Nifty futures, indicating a muted start for the Nifty 50.

Geopolitical developments remain in focus. A 10-day ceasefire between Israel and Lebanon has come into effect, signaling easing tensions in the broader U.S.–Iran conflict. Former U.S. President Donald Trump has hinted at possible talks with Iran over the weekend, while reports suggest Iran may commit to avoiding nuclear weapons development for over 20 years.

On the corporate front, Wipro reported a 2.73 per cent quarter-on-quarter (QoQ) increase in IT services revenue to Rs 24,017 crore, while dollar revenue rose 0.6 per cent to USD 2,651 million. EBIT grew 1 per cent to Rs 4,155 crore, though margins declined slightly to 17.3 per cent. The company also announced a share buyback worth Rs 15,000 crore, aiming to repurchase up to 60 crore shares, representing 5.7 per cent of equity, at Rs 250 per share.

In commodities, crude oil prices declined amid easing geopolitical concerns. Brent crude futures fell 1.35 per cent to USD 98.05 per barrel, while West Texas Intermediate dropped 1.74 per cent to USD 93.40 per barrel. Gold prices remained largely flat at USD 4,790.61 per ounce, while silver slipped 0.25 per cent to USD 78.15 per ounce.

From a derivatives standpoint, the Put-Call Ratio (PCR) stands at 0.86. Significant open interest on the Put side is concentrated at the 24,000 strike, indicating strong support at this level. On the Call side, heavy open interest between 24,200 and 24,500 suggests strong resistance in this zone.

Technically, the Nifty 50 faces immediate resistance in the 24,415–24,423 range, which coincides with the 50-day moving average and a key gap area. A sustained move above this level could revive bullish momentum. On the downside, support is placed near the 8-day exponential moving average around 23,770, indicating a potential consolidation range between 23,770 and 24,423 in the near term.

In the derivatives segment, Sammaan Capital and SAIL remain under the F&O ban for April 17.

Institutional activity showed mixed trends. On April 16, Foreign Institutional Investors (FIIs) were net buyers, purchasing equities worth Rs 382.36 crore, while Domestic Institutional Investors (DIIs) were net sellers, offloading shares worth Rs 3,427.75 crore.

On Thursday, the Indian stock market ended lower after giving up early gains due to profit booking in select heavyweight stocks. The Sensex declined 122.56 points, or 0.16 per cent, to close at 77,988.68, while the Nifty 50 fell 34.55 points, or 0.14 per cent, to settle at 24,196.75.

Globally, U.S. markets closed higher, with the Nasdaq Composite and S&P 500 hitting Intraday record highs amid optimism over easing geopolitical tensions. The Dow Jones Industrial Average rose 115 points, or 0.24 per cent, to 48,578.72, while the S&P 500 gained 18.33 points, or 0.26 per cent, to close at 7,041.28. The Nasdaq Composite advanced 86.69 points, or 0.36 per cent, to end at 24,102.70. Among key stocks, Nvidia declined 0.26 per cent, AMD surged 7.80 per cent, Microsoft gained 2.20 per cent, while Apple fell 1.14 per cent and Tesla declined 0.78 per cent. Voyager Technologies jumped 8.8 per cent.

Overall, markets are expected to remain range-bound with a cautious undertone, as investors track global developments, earnings announcements, and key technical levels.

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

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