GIFT Nifty fell on Wednesday morning, indicating that Indian benchmark indices Sensex and Nifty may open with mild losses, as positive Asian markets are countered by a further surge in crude oil prices amid escalating US-Iran hostilities. Brent crude climbed close to $100 a barrel, posing a significant macro headwind for India. Further, overnight losses on Wall Street and expectations of a possible US Federal Reserve rate hike could also keep sentiment cautious.
GIFT Nifty was trading around 23,655 at 7:50 am, down 0.25 percent from its previous day’s close. Earlier, on Tuesday, Indian benchmark indices extended their decline for a second consecutive day. The Nifty hit a nearly three-month low before closing 144.05 points, or 0.61 percent, lower at 23,635.10, while the Sensex fell 555.23 points, or 0.73 percent, to 75,577.58.
Asian equities traded higher on Wednesday, driven largely by gains in technology and semiconductor stocks on sustained enthusiasm around artificial intelligence.
MSCI's Asia-Pacific equities gauge rose 0.6 percent, with information technology making the biggest contribution to the advance. South Korea's Kospi climbed 1.4 percent, helped by gains in chipmakers SK Hynix and Samsung Electronics. The regional technology rally followed a 1.3 percent gain in the Philadelphia Semiconductor Index on Wall Street on Tuesday.
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