Global oil prices climbed sharply after Donald Trump escalated rhetoric against Iran, issuing a new deadline tied to the reopening of the strategically critical Strait of Hormuz. Brent crude rose above $110 per barrel, while US benchmark WTI hovered near $113, as markets reacted to the heightened risk of supply disruptions.
Brent crude tops $110 as Trump sets new Hormuz deadline- Daily Market Update 6th April 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled on a flat note.
- European equity markets, barring FTSE, ended on a negative note.
- Majority of Asian equity markets are trading in freen.
- GIFT Nifty is little changed, Nifty futures likely to open around 22720 levels.
The benchmark Nifty index ended on a flattish note at 22713 spot levels after adding 34 points to its previous closing values.
Broader markets underperformed the benchmark as Mid and Small cap indices settled on a slightly negative note.
Performance on the sectoral front was mix. Nifty IT was at the top of the tally, rose 2.60% followed by Realty index that rose just over 1%. On the flip side, Pharma, Healthcare, Consumer Durables and Chemicals index were down around 1% each.
Technically, short term chart structure for Nifty index is indicating an halt around price support zone placed at 21700-22000 spot levels. Conversely, 22900-23200 spot zone will act as immediate resistance on the higher side. News flow from the Middle East conflict will continue to dictate the short term volatility in equity markets across the globe.
Derivatives Overview & Outlook
On Thursday, Midcapnifty futures saw an addition in open interest by around 4% as short buildup, whereas no significant changes were observed among Nifty, Banknifty and Finnifty futures on price front.
Majority of F&O sectors settled on a negative note. Amongst them, Automobile, Capital Goods and Textile stocks witnessed maximum addition of short position along with some long buildup among Chemical FMCG and Realty 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 23000 CE. On the put side, maximum positions are at 22000 PE followed by 21500 PE.
Institutional Trading Activity
Last week, FIIs sold stocks worth Rs 40931 Cr in the cash segment, sold index futures worth Rs 6544 Cr and bought stocks futures worth Rs 8846 Cr. DIIs were too net buyers in the cash segment to the tune of Rs 29275 Cr during this week.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 23000-23200; Supports 22500-22250
Banknifty – Resistances 52300-52750; Supports 51500-51200
Finnifty – Resistances 24400-24600; Supports 24000- 23800
F&O stocks in ban today – NIL
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