Indian stock market: 7 key things that changed for market over weekend - Gift Nifty, Israel-Iran war to crude oil prices

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open on a cautious note on Monday, tracking mixed sentiment in the global market amid intensifying conflict between Israel and Iran.

Asian markets traded higher, while the US stock futures also gained after Wall Street indices suffered sharp losses last week.

This week, investors will watch out for key stock market triggers, including developments in the Middle East amid Israel-Iran conflict, the US Federal Reserve policy outcome, trends in crude oil prices, flow of foreign funds and other key domestic and global macroeconomic cues.

On Friday, the Indian stock market ended lower, extending losses for the second consecutive session, weighed down by escalating Israel-Iran war.

The Sensex declined 573.38 points, or 0.70%, to close at 81,118.60, while the Nifty 50 settled 169.60 points, or 0.68%, lower at 24,718.60.

“Given the prevailing scenario, traders should maintain a balanced approach with positions on both sides, focusing on stock selection driven by sectoral and thematic trends. It is advisable to avoid aggressive bets and manage risk prudently,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded higher ahead of a slew of data from China and as investors assessed escalating Israel-Iran tensions. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1%.

Japan’s Nikkei 225 gained 0.87%, while the Topix index rallied 0.92%. South Korea’s Kospi index rose 0.55%, while the Kosdaq added 0.31%. Hong Kong’s Hang Seng index indicted a weaker open.

Gift Nifty Today

Gift Nifty was trading around 24,772 level, a premium of nearly 45 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Wall Street

US stock market ended lower on Friday, dragged by financials and tech stocks.

The Dow Jones Industrial Average declined 1.79% to 42,197.79, while the S&P 500 fell 1.13% to end at 5,976.97. The Nasdaq closed 1.30% lower at 19,406.83. For the week, the Dow Jones fell 1.3%, the S&P 500 dipped 0.4% and the Nasdaq lost 0.6%.

Nvidia share price dropped 2.1%, Tesla share price gained 1.94%, Apple stock price lost 1.4%, while Visa and Mastercard shares fell more than 4% each. Adobe shares fell 5.3% and Oracle shares jumped 7.7% to a record high. Lockheed Martin, RTX Corporation and Northrop Grumman gained over 3% each.

Israel-Iran War

Israel’s military said it had detected a new missile salvo from Iran on Monday. Israel and Iran traded more missile attacks over the weekend despite calls for a halt to the fighting. Iran said Israel struck its oil refineries, killed the intelligence chief of its paramilitary Revolutionary Guard and two other generals. Israel Defence Forces said it completed an “extensive” wave of airstrikes in Iran aimed at destroying weapon manufacturing capabilities.

US Consumer Sentiment

US consumer sentiment improved for the first time in six months in June. The University of Michigan’s Consumer Sentiment Index jumped to 60.5 this month from a final reading of 52.2 in May. Economists polled by Reuters had forecast the index would rise to 53.5.

Crude Oil Prices

Crude oil prices jumped, extending Friday's rally, after Israel and Iran launched fresh attacks on Sunday, heightening fears of disruption in oil exports from the Middle East. Brent crude futures rose 0.24% to $74.41 a barrel, while US West Texas Intermediate crude gained 0.37% to $73.25.

Gold Prices

Gold prices rose, nearing a two-month high on safe-haven demand after intensified clashes between Israel and Iran. Spot gold price gained 0.4% to $3,447.07 an ounce, after hitting its highest level since April 22 earlier in the session. US gold futures rose 0.4% to $3,467.20.

(With inputs from Reuters)

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