GIFT Nifty Trades Higher but Cuts Gains Amid Global Market Uncertainty
- 24th March 2026
- 11:00 AM
- 3 min read
Summary
Indian markets opened to mixed signals on Tuesday as GIFT Nifty, a key indicator of domestic equity sentiment, pared early gains amid cautious global cues. Middle East tensions returned to the fore after initial optimism around a ceasefire faded, sending crude oil higher and equity futures lower.24 March 2026 | PL Capital
What are Indian markets doing today?
Indian markets today face renewed pressure from geopolitical uncertainty, with GIFT Nifty trading 386 points, or 1.7 percent, higher as of 7:40 am after surging nearly 900 points, or 4 percent, on Monday.
The pullback reflects a broader reversal across Asian markets, where gains of as much as 1.7 percent moderated to around 0.8 percent as sentiment weakened through early morning trade.
What triggered the reversal in global markets?
The initial rally on Monday was driven by US President Donald Trump’s announcement of a pause in planned strikes on Iran’s energy assets, following reported talks between Washington and Tehran. Less than an hour later, the Israeli military said it was conducting strikes on Iranian regime targets in the heart of Tehran, according to a Reuters report, effectively reversing the optimism that had fuelled the surge.
A Wall Street Journal report added further pressure, noting that US allies in the Persian Gulf are moving closer to joining military action against Iran. An Iranian lawmaker subsequently ruled out negotiations with the US, closing off the diplomatic path that markets had briefly priced in.
How are crude oil and the dollar moving?
Brent crude rose 3.5 percent to nearly $103.50 per barrel on Tuesday, recovering sharply after an 11 percent plunge on Monday. The Strait of Hormuz remained effectively shut, with only limited vessel movement through the key waterway, raising supply concerns.
The Bloomberg Dollar Spot Index advanced 0.3 percent. Yields on the two-year US Treasury rose four basis points, as expectations grew that higher crude oil prices could increase the likelihood of an interest rate hike by the Federal Reserve.
S&P 500 futures, which had opened with gains, erased those moves to fall 0.6 percent following the Wall Street Journal report on Gulf allies and Iran.
What is the outlook for Indian markets today?
Gold extended its decline and is on track for its longest losing streak on record, pointing to continued volatility across asset classes. With the Strait of Hormuz under pressure and diplomatic channels effectively closed, crude oil prices remain the primary transmission mechanism for global risk into Indian equities.
Domestic investors will be watching whether the partial recovery in GIFT Nifty holds as the cash market opens, or whether the weight of global headwinds pulls indices lower through the session.
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