Indian stock markets are anticipated to open cautiously on Friday due to mixed signals from global markets. The Gift Nifty is projected to decline marginally, indicating an opening at around 24,153.
Ponmudi R, CEO of Enrich Money, noted that initial optimism over potential advancements in U.S.–Iran negotiations had fostered a risk-on sentiment. However, recent developments regarding disruptions in the Strait of Hormuz have reintroduced uncertainty. Partial blockages and escalating tensions along this crucial oil passageway have kept global markets apprehensive, as nearly 20% of the world’s oil supply traverses this route. “Overall, sentiment remains cautiously optimistic but clearly fragile,” Ponmudi added. “The market environment is highly news-driven, with volatility likely to persist, particularly around geopolitical developments, crude oil price fluctuations, and foreign investor activities.”
Equities across the Asia-Pacific region also experienced declines in early trading on Friday. According to Hariprasad K, a SEBI-registered Research Analyst and Founder of Livelong Wealth, stock-specific movements are expected to dominate the near term as the earnings season accelerates. Wipro is likely to attract attention following its announcement of a ₹15,000 crore buyback at ₹250 per share after market hours, despite reporting a slight dip in net profit for the quarter. Additionally, Jio Financial Services will be closely monitored ahead of its Q4 results, contributing to momentum in financial stocks.
On the macroeconomic front, liquidity conditions will be scrutinized following the Reserve Bank of India’s announcement of a ₹2 lakh crore seven-day variable rate reverse repo auction. “This move indicates an intent to absorb excess liquidity from the system, thereby tightening financial conditions marginally. Such actions are likely to influence short-term interest rates and can broadly affect borrowing costs, indirectly shaping consumption and investment trends,” Hariprasad explained.
Volatility remains a significant factor as India VIX has come down from recent highs but still hovers above the 18-mark, indicating elevated option premiums. This suggests an underlying layer of uncertainty, particularly from global developments, according to Hariprasad.
Dhupesh Dhameja, a Derivatives Research Analyst at SAMCO Securities, stated that from a derivatives perspective, the put-call ratio (PCR) stands near 0.86, reflecting a neutral stance amid recent volatility. Option data indicates that call writing is concentrated around the 24,300–24,500 level, capping potential upside, while put writing at 24,000–23,800 offers immediate support, thereby reinforcing a defined trading range. While India VIX has eased towards the 18 zone, suggesting a reduction in volatility, the ongoing global uncertainties imply that intermittent swings may continue.
“Overall, the index seems to be in a consolidation phase, with 24,100 serving as a strong base and 24,260–24,300 representing a key resistance band. A decisive breakout on either side is necessary to establish the next directional move,” Dhameja noted.
Published on April 17, 2026
