The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Thursday, 3 September, in line with positive global cues.
The Gift Nifty also signalled a positive start for the domestic equities. It was trading at around 24,083.5, indicating an 83.2-point premium over the previous close of Nifty futures.
The domestic benchmark indices ended lower in the previous session, with the Nifty 50 closing below the crucial 24,000 mark.
The Sensex declined 373.93 points, or 0.49%, to settle at 76,570.35, while the Nifty 50 fell 141.35 points, or 0.59%, to close at 23,914.45.
Crude oil prices
Oil prices edged lower on Thursday as investors assessed the uncertainty surrounding renewed military strikes between the US and Iran, amid growing concerns over potential disruptions to crude supplies from the Middle East.
Brent crude futures fell 43 cents, or 0.45%, to $95.20 a barrel, while US West Texas Intermediate (WTI) crude futures declined 24 cents, or 0.26%, to $90.77 a barrel.
Both benchmarks swung sharply in the previous session, alternating between gains of as much as $2 a barrel and losses of around $1. The session highs for Brent and WTI were their highest levels since 24 July.
US-Iran War
According to media reports, US President Donald Trump said Washington was prepared to strike Iran “at any time”, although he did not expect the renewed fighting to last “too long”. Trump also claimed that the US has “almost total control” of the Strait of Hormuz.
Meanwhile, Saudi Arabia accused Iran of attacking the Saudi-owned supertanker Sidr with projectiles north of Oman’s Musandam Peninsula, with the incident reportedly killing two sailors. Iran has not responded to the Saudi allegations, while Kuwait and the UAE condemned the reported attack.
Media reports also said Iran’s Revolutionary Guard claimed that two oil tankers struck sea mines and were disabled while attempting to transit the Strait of Hormuz. Qatar, meanwhile, condemned Iran’s renewed attacks on neighbouring countries as a “flagrant violation” of their sovereignty. Kuwait also said an Iranian drone attack had sparked a fire in a residential building.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart shows a postive start for the Indian stock market today. By 7:57 AM, the Gift Nifty was trading around the 24,093.5 level, a premium of 93.2 points from the Nifty futures’ previous close of 24,000.30.
Ponmudi R, CEO of Enrich Money, said, Indian markets are likely to remain cautious as elevated crude oil prices and rising global bond yields continue to weigh on investor sentiment. The sharp rebound in oil prices has rekindled inflation concerns, driving bond yields higher as investors increasingly price in the possibility that major central banks, led by the US Federal Reserve, may keep interest rates higher for longer.
Asian markets are trading modestly higher in early trade, with Japan’s Nikkei 225 largely flat while South Korea’s Kospi has gained nearly 1%. The mildly positive tone follows a firmer close on Wall Street overnight. GIFT Nifty, trading near the 24,100 mark in early trade, signals a modest recovery for domestic equities. However, investors remain cautious as elevated crude oil prices, rising global bond yields and lingering geopolitical uncertainty are likely to cap any meaningful recovery beyond key psychological resistance levels.
WTI crude continues to hold in the $90–91 per barrel range. On the geopolitical front, US President Donald Trump has indicated that the latest round of fighting between the US and Iran is unlikely to be prolonged. Nevertheless, uncertainty surrounding the conflict continues to overhang global markets, with investors closely monitoring developments for their potential impact on energy supplies, crude oil prices and broader risk sentiment.
Stock market today
Speaking on the outlook for the Nifty 50 today, Ajit Mishra, Senior Vice President, Research at Religare Broking, said the sharp decline has pushed the Nifty 50 closer to our initial downside target and support around the 23,800 level, and a decisive break below this could extend the correction towards the 23,600 mark. On the upside, the previous support level of 24,000 is likely to act as an immediate resistance, followed by the 24,150 hurdle in case of a recovery.
On the outlook for the Bank Nifty today, Ponmudi R, CEO of Enrich Money, believes Bank Nifty continues to exhibit a weak technical structure after slipping below its key 20-day and 50-day EMAs. On the upside, the 57,500–57,600 region remains the key resistance zone. A sustained move above this band would be required to stabilise the near-term structure and could pave the way for an advance towards the 58,000 mark. Until the index decisively reclaims this zone, recovery attempts are likely to face selling pressure.
On the downside, the 56,800–56,600 region remains an important support band and a crucial downside cushion. A decisive break below 56,600 could intensify selling pressure and expose the index to further lower levels. Overall, the near-term technical outlook remains cautious-to-weak.
Stocks to buy today
Regarding stocks to buy today, market experts — Sumeet Bagadia of Choice Broking, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, recommended these eight buy-or-sell stocks for intraday trading Ltd, Ltd, Ltd,Ltd, Ltd, Ltd, Ltd, and Ltd.
Sumeet Bagadia’s stock recommendations today
Buy Meesho in cash at ₹212; SL at ₹204; TGT at ₹227
Buy Anthem Biosciences in cash at ₹934; SL at ₹901; TGT at ₹999
Ganesh Dongre’s buy or sell stocks
Buy Reliance Industries at ₹1,319; SL at ₹1,300; TGT at ₹1,350
Buy Paras Defence and Space Technologies at ₹1,413; SL at ₹1,380; TGT at ₹1,460
Buy Coal India at ₹417; SL at ₹410; TGT at ₹430
Shiju Koothupalakkal’s intraday stocks for today
Buy JSW Energy cmp: ₹539.80; Target: ₹564; Stop loss: ₹528
Buy Clean Science and Technology cmp: ₹863; Target: ₹910; Stop loss: ₹844
Buy Marksans Pharma cmp: ₹332.50; Target: ₹350; Stop loss: ₹325
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.