The Indian stock market eyes a gap-up opening on Thursday after oil slumps 8% as Iran and US President Trump confirm truck talks are underway. At 9:41 pm, Gift Nifty traded around 23,808, up nearly 144 points or 0.6%, indicating a gap-up start for the Indian stock market.
The markets on Tuesday ended higher reversing morning losses with NSE Nifty ending 0.17% higher at 23,659 and BSE Sensex closed 0.16% higher at 75,318.39. Analysts expect the index to extend the last six sessions consolidation in the range of 23,200-23,900. Only a move above the recent breakdown area of 23,800-23,900, will signal a pause in the overall corrective trend.
"On the upside, 23,800 is a crucial resistance; a close above this level could extend the pullback towards the 50‑day EMA, currently near 24,030," said Vinay Rajani, Senior Technical Research Analyst – Prime Research, HDFC Securities.
What Happened In The Global Markets?
S&P 500 opened 0.14% higher, Dow Jones Industrial Average opened 0.23% lower, and the tech-heavy Nasdaq composite was up 0.36% ahead of Nvidia earnings. However as of 9:41 pm Dow Jones was trading 0.1.05% higher and Nasdaq was up 1.27%. S&P 500 was also trading 0.0.93% higher at 7,412.94. The surge came after oil prices slumped on hopes for a deal to end the war in Iran.
This came after US President Donald Trump on Wednesday said that US is in the final stages of talks with Iran. Trump further said “we'll see what happens” with Iran, adding that a deal will be made or “we're going to do some things that are a little bit nasty, but hopefully that won't happen,” according to the White House pool report.
In addition, a spokesperson of the Iranian Foreign Ministry claimed that Iran-US truce talks are still underway via Pakistani mediators. Other similar reports indicated that serious efforts are underway to finalise a draft agreement between the warring groups and that Pakistan's army chief may visit Iran on Thursday to announce that the final draft agreement has been completed.
ALSO READ: Brent Slumps 8% To Intraday Low, US Crude Below $100 As Iran Confirms Truce Talks Underway
The report further added that the next round of negotiations will be held in Islamabad after the Hajj season on May 30, 2026.
Global benchmark brent crude traded 5.66% lower at $104.98 per barrel while the West Texas Intermediate eased by 0.82% to trade at $107.77 per barrel.
Dollar Spot Index fell 0.3% even as crude oil prices took a breather. The euro rose 0.2% to $1.1628, British pound rose 0.4% to $1.3450, and the Japanese yen rose 0.2% to 158.78 per dollar.
Bitcoin, the largest traded cryptocurrency, rose 0.6% to $77,405.51.
European markets also ended with gains on Wednesday. CAC 40 rose 1.7%, while Germany's DAX gained 1.41%, leading major European indices higher. FTSE 100 advanced 0.99% and STOXX Europe 600 was up 1.46%. Spain's IBEX 35 and Italy's FTSE MIB traded 2.15% and 1.71%, higher respectively.
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