GIFT Nifty Climbs 1.19% as Easing Crude Oil Signals Strong Opening

GIFT Nifty jumps over 1 pc on easing oil prices, signals strong start for Indian markets

New Delhi, Nov 10

Indian stock markets remained closed on Tuesday for Diwali Balipratipada, following a session on Monday in which benchmark indices recovered from early losses to finish at their highest levels in over eight months.

At around 10:30 am, GIFT Nifty was trading 141 points, or 0.57 per cent, higher at 25,257. Brent crude futures remained below $100 per barrel and hovered near their lowest levels since early September amid hopes of possible dialogue between the United States and Iran.

Nifty gained 0.23 per cent to close at 25,044 in the previous trading session, while the Sensex rose 0.13 per cent to 81,106. Both benchmarks ended at their highest levels since February 27, 2026.

The benchmark indices had surged about 10.5 per cent over seven consecutive sessions through Friday, marking their longest winning streak of the year. The gains were supported by strong foreign fund inflows, falling crude oil prices and an unwinding of the global artificial intelligence trade.

Many major Asian markets advanced after a decline in crude oil prices. The fall in oil prices followed US President Donald Trump's announcement about plans to hold off fresh military strikes against Iran.

South Korea's KOSPI surged over 4.39 percent, while Japan's Nikkei gained around 2.87 percent in early trade.

Brokerage firm Citi Research in a recent report said that India's benchmark index Nifty 50 will reach 28,000 points by the end of 2027, implying an upside of about 12 per cent from its last close of 24,986, supported by a strong earnings outlook, lower oil prices and the prospect of slower global artificial intelligence-related capital expenditure.

Indian equities had lagged global peers till recently as enthusiasm around the artificial intelligence trade and elevated crude oil prices weighed on the outlook for the world's third-largest oil importer.

— IANS