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The GIFT Nifty, an early indicator of Nifty 50's performance, traded at 24,282. On Thursday, Indian equity benchmarks ended little changed after a topsy-turvy session. The NSE Nifty 50 closed 0.02% lower at 24,326.65, while the BSE Sensex ended 114 points, or 0.15%, down at 77,844.52. The NSE Nifty MidCap 100 hit a record high and closed above 62,000 for the first time at 62,003.15. M&M, Bajaj Auto, NTPC, HDFC Life and L&T supported the Nifty 50, while Hindustan Unilever, TCS, ITC, Titan and Bajaj Finserv weighed on the index.
Meanwhile, Asian markets traded lower after the US and Iran exchanged fire in the Strait of Hormuz. Australia's ASX 200, Hong Kong's Hang Seng, South Korea's Kospi, Japan's Nikkei 225 and Shanghai Composite declined between 0.17% and 1.55%.
The US and Iran exchanged fire in the Strait of Hormuz, with both sides saying the other initiated the attack. US President Donald Trump said the ceasefire remained in effect after the exchange. Trump said Iran would face further attacks if it does not agree to a nuclear deal.
Indian equity markets remain sensitive to news flow as US-Iran tensions near the Strait of Hormuz weigh on sentiment, said Ponmudi R, chief executive officer of Enrich Money. "Any meaningful progress in diplomatic negotiations or a further easing in oil prices could trigger a relief rally, while any escalation in geopolitical tensions may amplify downside risks and reinforce the prevailing risk-off sentiment," he said.
The FII outflows, rupee weakness and crude oil near $100 per barrel may weigh on sentiment, while domestic earnings and broader market resilience continue to offer support, said Siddhartha Khemka of Motilal Oswal Financial Services.
In the oil market, Brent crude futures for July delivery rose 2.26% to $102.32 per barrel. West Texas Intermediate futures for June delivery gained 2.06% to $96.76 per barrel.
