Oil fell further after President Donald Trump’s tariffs and an OPEC+ decision to increase output faster than previously announced triggered the worst rout since 2022. Brent crude fell to around $70 a barrel after plunging 6.4% on Thursday. West Texas Intermediate was below $67.
Oil extends sharp drop after surprise hike by OPEC+ and Trump’s tariff announcement – Daily Market Update 4th April 2025
Overview and Outlook
Global Stock Market Today
- US equity markets settled sharply lower in range 4% to5.97%.
- European equity markets also ended lower in range 1.5% to 3%.
- Asian equity markets are also trading with a negative bias.
- GIFT Nifty is down by 100 points, Nifty futures likely to open around 23200 levels.
Nifty Overview & Outlook
Tracking negative cues from the global front, benchmark Nifty index opened with a gap on the negative side. Smart recover led by PSU banks helped it to settle off-lows at 23250 spot levels.
Broader markets outperformed the benchmark as Mid and Small cap indices settled in green.
Performance on the sectoral front was mix. Pharma, Healthcare and PSU Bank index were the top performers, rose around 2% each. On the other hand, IT index supported by Auto index led the bears as both were down 4.21% & 1.14% respectively.
Technically, Nifty index is rebounding from the supports of 23150-23100 spot levels. Sustenance (on closing basis) below 23100 spot levels might drag it towards 22900-22700 spot levels. On the higher side, resistance is placed around 23300-23400 spot zone.
Derivatives Overview & Outlook
Yesterday, Nifty, Finnifty and Midcap Nifty futures added 3%, 1.2% and 1.7% of open interest respectively as short buildup, on the other hand, long buildup was seen in Banknifty futures with increase in open interest by 4.7%.
Performance on the sectoral front was mix. Amongst them, long buildup was seen among Banking & Finance, FMCG and Power stocks. Whereas some short buildup was seen among Auto, Metal and Technology stocks.
On option front, Nifty will start the new weekly contract with a maximum position at 24000 CE and 23000 PE.
Institutional Trading Activity
Yesterday, FIIs further sold stocks worth Rs 2806 Cr in the cash segment, sold stocks futures worth Rs 2530 Cr and also sold index futures worth Rs 1910 Cr. DIIs were net buyers in the cash segment to the tune of Rs 221 Cr
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 23380-23500; Supports 23200-23100
Banknifty – Resistances 52000-52300; Supports 51600-51400
Finnifty – Resistances 24900- 25000; Supports 24700-24620
F&O Security in Ban Today: NIL
Disclosure
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