GIFT Nifty Signals Gap-Up Opening for Indian Markets; IT and Oil Stocks in Focus

Indian equity markets are poised for a significant rally this morning, with GIFT Nifty indicating a gap-up opening of over 150 points for the Sensex and Nifty 50. The sentiment has been bolstered by the global relief rally following the US-Iran ceasefire announcement. On Tuesday, both indices had already recovered nearly 2% from their morning lows, with the Sensex closing at 74,616.58 and Nifty at 23,123.65.

Today’s session will see a major “rebalancing” as oil marketing companies (OMCs) like BPCL and HPCL are expected to surge due to the crash in crude prices. Conversely, upstream oil producers like ONGC may see some selling pressure. The IT sector is also expected to show resilience as US tech futures (Nasdaq +1.68%) rose sharply overnight. However, market experts warn that the 23,000–23,100 zone remains a crucial resistance level for the Nifty, and a sustained move above this will be necessary to confirm a full trend reversal.