GIFT Nifty Jumps 170 Points: Nifty, Sensex Likely To Open Higher; US-Iran Developments In Focus

GIFT Nifty Today: The domestic equity markets are likely to open on a positive note on Monday, November 2, following gains in the GIFT Nifty amid hopes of de-escalation in the US-Iran conflict. GIFT Nifty was trading at 23,256, up 170 points or 0.74%, at around 8:02 am, signalling a firm start for domestic benchmark indices Sensex and Nifty.

Market sentiment may draw support from renewed diplomatic efforts to ease tensions in the Middle East, although elevated crude oil prices remain a key concern for investors.

Ponmudi R, CEO of Enrich Money, said, “Indian equity markets may attempt to extend their recent recovery, with investors drawing some encouragement from renewed diplomatic efforts to de-escalate the US-Iran conflict.”

He noted that discussions

involving Iranian officials and Qatari mediators have raised hopes of a possible breakthrough that could ease supply concerns and improve the outlook for global energy markets.

“Any tangible progress on this front could help reduce the geopolitical risk premium in crude oil and offer near-term support to domestic equities,” Ponmudi said.

Crude Oil Prices Remain A Key Risk

Despite the positive sentiment, persistent strength in crude oil prices could limit the upside for Indian equities. India is a major importer of crude oil, making elevated energy prices a concern for inflation, the rupee and corporate profitability.

“However, WTI crude continues to trade near $102 a barrel, while Brent remains above $110, keeping energy costs elevated and broader macroeconomic concerns in focus,” Ponmudi said.

He added that the near-term direction of domestic equities would remain closely linked to developments in the Middle East, with investors looking for concrete signs of diplomatic progress before treating the latest optimism as a sustained improvement in the global risk environment.

Investors will also track global market cues, movements in crude oil prices and other domestic and international developments for further direction during the trading session.