Gift Nifty Today: Sensex and Nifty Set for Cautious Start Amid Oil Price Surges

The benchmark Indian equity indices, Sensex and Nifty 50, are expected to open on a cautious note on Tuesday, reflecting subdued global cues and heightened geopolitical tensions in West Asia. 

Investor sentiment remains fragile after recent developments involving Iran and the United Arab Emirates, which triggered a spike in crude oil prices and raised concerns about regional stability. 

In the previous trading session on Monday, May 4, 2026, domestic markets ended on a positive note. The Nifty 50 gained 122 points, or 0.51%, to close at 24,119, while the Sensex rose 356 points, or 0.46%, to settle at 77,269. 

Gift Nifty Signals Muted Opening 

Gift Nifty was trading near the 24,050 mark on Tuesday morning, showing marginal gains of 0.02%. However, it indicated a slightly subdued start for the Indian markets, reflecting cautious investor positioning. 

The index moved within a range of 23,981 to 24,217 during early trade, suggesting limited directional momentum. 

Asian Markets Remain Cautious 

Asian markets traded cautiously amid rising oil prices and geopolitical uncertainty. Several key markets, including China and Japan, remained closed, limiting broader regional cues. 

In the previous session, South Korean equities touched a record high, supported by strong monthly gains, although current sentiment remains restrained. 

Wall Street Ends Lower 

US markets closed lower on Monday as rising crude oil prices and geopolitical tensions weighed on investor confidence. 

The Dow Jones Industrial Average declined 557.37 points, or 1.13%, to close at 48,941.90. The S&P 500 slipped 0.41% to 7,200.75, while the Nasdaq Composite edged down 0.19% to end at 25,067.80. 

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Crude Oil Prices Stay Elevated 

Crude oil prices remained elevated despite a slight pullback in early trade. West Texas Intermediate (WTI) crude futures traded around US$105 per barrel, while Brent crude hovered near US$113.77. 

Oil prices had surged sharply in the previous session following reports of a drone attack on a petroleum facility in Fujairah, UAE, allegedly linked to Iran. The incident intensified supply concerns and pushed prices higher. 

FII and DII Activity 

Foreign institutional investors (FIIs) were net sellers of equities worth Rs 4,539.49 crore in the previous session. Meanwhile, domestic institutional investors (DIIs) provided support, purchasing shares worth Rs 4,493.73 crore. 

Currency Market Update 

The US Dollar Index (DXY) edged slightly higher to 98.49, indicating marginal strength in the dollar against a basket of major currencies. 

The Indian rupee weakened by 0.17% to close at 95.08 against the US dollar, reflecting pressure from rising crude oil prices and external uncertainties. 

Conclusion 

Indian markets are likely to witness a cautious start amid elevated crude oil prices and geopolitical tensions. While domestic fundamentals remain supportive, global uncertainties and volatility in energy markets may keep investors on edge in the near term. 

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