The Indian equity markets witnessed a volatile session on Thursday amid mixed global cues, particularly from the Middle East, as the US and Iran are expected to share their latest proposals on ending the ongoing war. With no clear breakthrough in sight, experts warn that they could return to hostilities as neither side is showing signs of backing down from their core demands.
This uncertainty has affected global markets, especially energy-dependent Asian economies like Japan, India, and South Korea.
The BSE Sensex was trading 100 points lower at 77,900, while the Nifty gave up early gains and slipped into the red, hovering around the 24,300 mark. The Nifty is currently at the upper end of its recent trading range of 23,800 to 24,300 and is approaching its next resistance zone of 24,500.
A decisive move above 24,500 could push the index towards 24,800. Today also marks the weekly expiry for the Sensex.
Meanwhile, oil prices have surged again, tracking the latest developments between Iran and the US and the possibility of high-level meetings in the coming days.
Demand for gold has moderated as energy and defence stocks continue to offer better returns.
The US dollar has softened slightly, while US Treasury bond yields remain high even as the country remains engaged in the conflict with Iran.
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