Gift Nifty indicates a gap down opening for Indian stocks

On the Derivatives front, India VIX rose 5.50% to 13.29, indicating a pickup in volatility amid cautious market positioning.  | Photo Credit: istock.com

Indian stock markets are likely to open on flat-to-negative note on Thursday amid mixed global cues. The escalation in Iran-US war, falling rupee, rising crude oil prices and FPI selling continue to hurt market sentiment.

Gift Nifty at 23,910 (7am IST) signals that Nifty may see a gap down opening of about 100 points.

Rising tensions in the Middle East increased the price of crude oil to beyond $92 per barrel. “Going forward, the volatility is expected to prevail in the market. The investors will keep an eye on the issues like oil, geopolitics, FII inflows, Q1 results and comments of global central banks.” Vikram Kasat, Head Advisory, PL Capital.

Ponmudi R, CEO of Enrich Money, said markets were rattled after Yemen’s Houthi rebels reportedly attacked two Saudi oil tankers, opening a new front in the regional conflict and raising fears of further disruptions to crude supplies. “The latest escalation has pushed WTI crude toward $88 a barrel, while Brent has climbed above $95, intensifying concerns over inflation, central bank policy and the outlook for major oil-importing economies such as India. The combination of elevated oil prices and persistent pressure on the Indian rupee is likely to keep investors cautious, with market participants expected to closely monitor geopolitical developments and energy markets for further direction,” he said.

Domestically, the spotlight will shift to the IT sector as investors await Infosys’ quarterly earnings, due after the close of trading, for fresh cues on demand trends and the sector’s outlook, he further said.

On the Derivatives front, India VIX rose 5.50% to 13.29, indicating a pickup in volatility amid cautious market positioning. 

Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities, said option chain data shows maximum Put Open Interest at the 24,000 strike, followed by 23,500, highlighting that market participants continue to defend the lower boundary despite today’s marginal breach. “Meanwhile, maximum Call Open Interest is concentrated at the 24,000 strike, followed by 24,200, suggesting equilibrium positioning near current levels, with aggressive upside likely only after Call writers begin unwinding their positions. The Put-Call Ratio (PCR) stands at 0.73, reflecting a cautious undertone in derivatives positioning,” he said.

Meanwhile, equities across Asia-Pacific region are up in early deal on Thursday

Published on July 23, 2026