The global energy crisis triggered by the ongoing US-Iran conflict is set to worsen sharply in April, with the International Energy Agency warning of deeper oil and gas supply disruptions that could ripple across economies worldwide. The current disruption, estimated at 12 million barrels per day, far exceeds the scale of past crises such as the 1973 and 1979 oil shocks, the IEA chief said.
IEA chief warns global oil shock to worsen in April, brace for ‘Biggest Disruption In History’- Daily Market Update 2nd April 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled sharply higher in range 0.48% to 1.15%.
- European equity markets ended sharply higher in range 1.80% to 2.65%.
- Asian equity markets are trading in deep red.
- GIFT Nifty is down by 400 points, Nifty futures likely to open around 22450 levels.
Tracking positive cues from the global peers, the benchmark Nifty index opened with a significant gap on the higher side but failed to hold initial gains and finally settled at 22679 spot levels after adding 348 points to its previous closing values.
The broader markets outperformed the benchmark as Mid and Small cap indices gained 2.22% & 3.33% respectively.
All sectoral indices, barring Pharma and Healthcare, ended in green. Amongst them, Nifty Media, PSU Banks and Chemical were the top gainers, rose around 3.5% each followed by IT, Metal, Realty index that rose over 2% each.
Technically, Nifty index opened well within our mentioned resistance zone of 22800-23200 spot levels. Going ahead, we continue to maintain our sell on rise trading approach until something concrete de-escalation measures emerge from the Middle East war. On levels front, 22800-23200 spot zone will continue to act as hurdle on the higher side while supports are placed around 22000-21700 spot levels.
Derivatives Overview & Outlook
Yesterday, Banknifty and Midcapnifty futures moved northward on short covering as both shed 12.6% and 3% of open interest respectively. Finnifty futures saw an addition in open interest by around 29% as long buildup, whereas no significant change was seen in Nifty futures on the open interest front.
All F&O sectors, barring Pharma, settled on a positive note. Amongst them, Auto, Cement, FMCG and Realty stocks witnessed maximum addition of long position along with some short covering among Infrastructure, Metal and Technology stocks.
On options front, call writing along with some put addition was seen at multiple OTM strikes. Nifty has maximum positions at 24000 CE followed by 23500 CE, while on the put side, maximum positions are at 21500 PE followed by 22000 PE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 8331 Cr in the cash segment, bought stocks futures worth Rs 3199 Cr and sold index futures worth Rs 78 Cr. DIIs were net buyers to the tune of Rs 7172 Cr in the cash segment
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 23000-23200; Supports 22600-22400
Banknifty – Resistances 52300-52750; Supports 51500-51200
Finnifty – Resistances 24300-24400; Supports 24000- 23800
F&O stocks in ban today – NIL
Disclosure
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