Global oil prices held steady on Tuesday morning, retaining the bulk of Monday’s sharp gains after a significant military escalation in the Middle East rattled energy markets. The uptick comes as a direct response to a flareup in hostilities between the US and Iran, casting immediate doubt on the viability of a month-long ceasefire.
Brent crude futures traded near $114 a barrel, having surged nearly 6% during the previous session. Meanwhile, West Texas Intermediate (WTI) hovered just below the $105 mark.
Brent Crude holds near $114 as US-Iran fire exchange in Hormuz threatens fragile Middle East ceasefire- Daily Market Update 5th May 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled lower in range 0.20% to 1.13%.
- European equity markets also ended lower in range 0.14% to 0.26%.
- Asian equity markets are trading mix.
- GIFT Nifty is little changed, Nifty futures likely to open around 24050 levels.
The benchmark Nifty index ended higher at 24119 spot levels after adding 122 points to its previous closing values in an otherwise lackluster trading session.
Broader markets performed inline with the benchmark as Mid and Small cap indices rose 0.63% & 0.70% respectively.
Majority of sectoral indices, barring IT, Media and Banks, ended in green. Amongst them, Realty was at the top of the tally, rose 2.41% followed by Metal and Healthcare index that rose over 1% each. On the flip side, IT index was down around 1%.
Technically, Nifty index has been consolidating in the 24350–23800 spot zone for the past couple of trading sessions, in line with our anticipation as discussed in our previous posts. Going forward, a breakout on either side of this range will set the floor for the next 400–500 point short-term move in that direction. We suggest traders maintain a levels-based trading approach for the short term; intraday supports are placed around the 23800 spot levels, while resistance is at 24250–24350 spot levels.
Derivatives Overview & Outlook
Yesterday, Nifty and Finnifty futures added around 4% and 2.5% of open interest respectively as long buildup, whereas no significant changes was observed in Midcapnifty futures on open interest front. On the other hand, Banknifty futures added around 5% of open interest without any change in the price.
Majority of F&O sectors settled on a positive note. Amongst them, long buildup was seen among Cement, Infrastructure, Metal and Power stocks whereas some short buildup was seen among Auto and Telecom stocks.
On option front, both put writing along with some call writing was seen at multiple OTM strikes. Maximum positions are at 25000 CE followed by 24500 & 24300 CE and 23500 PE followed by 24000 PE.
Institutional Trading Activity
Yesterday, FIIs bought stocks worth Rs 2836 Cr in the cash segment, sold index futures worth Rs 1271 Cr and bought stocks future worth Rs 826 Cr. DIIs were too net buyers to the tune of Rs 4764 Cr in the cash segment.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24320-24450; Supports 24100-24000
Banknifty – Resistances 55750-56000; Supports 54750-54500
Finnifty – Resistances 26100-26200; Supports 25800- 25700
F&O stocks in ban today: NIL
Important Results Today: COFORGE, HEROMOTOCO, J&KBANK, LT, M&M, MARICO, POONAWALLA, RAYMOND, SRF & UBL
Disclosure
Globe Capital Market Limited (“GCML”) is a Stock Broker registered with BSE, NSE, MCX, NCDEX, and MSEI in all the major segments viz. Capital, F & O and CDS segments. GCML is also a Depository Participant and registered with both the Depositories viz. CDSL and NSDL. Further, GCML is a SEBI registered Portfolio Manager and Research Analyst. GCML includes subsidiaries, group and associate companies, promoters, directors, employees and affiliates. AY Securities and Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. AtoZ Finstock Private Limited, A to Z Consultants Private Limited, A to Z Venture Capital Limited, M. Agarwal Stock Brokers Private Limited, A M Share Brokers Private Limited, Shri Adinath Advertising Company Pvt. Ltd., Orient Landbase Private Limited, Bolt Synthetic Private Limited, Price ponder Private Limited and Lakshya Impex Private Limited are the associates of GCML.
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