When the market opens on the last trading day of the week, global signals appear somewhat mixed. On one hand, expectations of a deal and ceasefire between the US and Iran are improving the market mood; On the other hand, sharp fluctuations in crude oil prices and selling pressure from FIIs may weigh heavily on the market. Asian markets are trading lower, and GIFT Nifty is also trading significantly lower. As a result, the market is likely to open flat or slightly weaker today; However, certain sectors may see movement due to news related events. GIFT Nifty is trading flat around 24,170, indicating a flat start for the Indian markets. Dow Futures are showing some momentum, which is continuously supporting the global markets.
Signs of geopolitical relief after Trump’s statement
US President Donald Trump has hinted at the possibility of a 20-year long deal with Iran. He said that Iran has accepted the condition of not making nuclear weapons. Apart from this, a 10-day ceasefire has also been announced between Israel and Lebanon. These events may create an atmosphere of relief in the global markets.
sharp fluctuations in crude oil
Due to the Strait of Hormuz not being fully opened, there was a huge jump in crude oil prices yesterday, and Brent crude reached close to the $100 mark. However, Brent crude fell nearly 1.5% to around $98 a barrel this morning following positive signals from President Trump.
Record rise continues in US markets
The bullish phase continues in US markets. The Nasdaq closed at its all-time high for the 12th consecutive day—its longest winning streak in the last 17 years. The S&P 500 also closed at its highest level ever, while the Dow Jones Industrial Average also gained. **Fall in gold and silver**
In the domestic market, gold fell by nearly ₹800 to close at ₹1,53,100, while silver fell by ₹3,100 to close at ₹2,48,600. There was some weakness in the prices of gold and silver in the international market also. **Stance of FIIs and DIIs**
Foreign institutional investors (FIIs) made a total net selling of ₹994 crore in cash, index and stock futures segments together. At the same time, domestic institutional investors (DIIs) also continued their selling for the second consecutive day and sold shares worth ₹3,428 crore.
Impact on Wipro
As expected, Wipro’s ADRs (American Depository Receipts) fell by about 5% after the release of its earnings results. However, the company has announced share buyback worth ₹15,000 crore at a price of ₹250 per share, which may prove to be a supportive factor for the stock.
Focus on today’s earnings
Today the market’s focus will be on the earnings results of many major companies.
HDFC Life’s results were as per expectations.
Angel One performed brilliantly.
Jio Financial’s earnings results are going to be released today.
F&O and other triggers
Samman Capital will be excluded from the F&O (Futures and Options) segment from the July series. Additionally, IHC’s open offer for the company begins today—an event that will be closely watched by the market.
IMF’s growth outlook
IMF has estimated Asia’s economic growth to be 4.4% this year. However, due to the ongoing crisis in the Middle East, this growth rate is likely to decline further by 1-2% next year.
