The benchmark Nifty extended its losing streak to six consecutive sessions, declining 1.7% over the past week and closing 0.5% lower at 24,156 on Tuesday. Analysts say Indian equities are likely to remain under pressure in the near term as elevated crude oil prices, US-Iran tensions and weak global cues weigh on sentiment. With Brent crude rising above $90 per bbl and the reopening of the Strait of Hormuz remaining unresolved, oil prices will remain a key monitorable for the rupee, inflation and foreign flows.

STATE OF THE MARKETS

GIFT Nifty (Earlier SGX Nifty) signals a muted start

GIFT Nifty on the NSE IX traded higher by 29.5 points, or 0.12 per cent, at 24,210, signaling that Dalal Street was headed for a muted start on Wednesday.

Tech View: Overall sentiment might favour the bears as the index continues to lose bullish momentum. On the lower end, the fall might extend towards 24050–24000, where initial support is likely to emerge. On the other hand, resistance is visible at 24240.

India VIX: India VIX, which is a measure of the fear in the markets, rose 0.6% to settle at 11.39 levels.

Asian stocks dropped as a semiconductor selloff deepened, with investors retreating from one of the year’s hottest trades amid elevated bond yields and geopolitical uncertainty. Treasuries stabilized after recent losses.

S&P 500 futures fell 0.1% as of 9:04 a.m. Tokyo time

Hang Seng futures fell 0.3%

Japan’s Topix fell 1.6%

Australia’s S&P/ASX 200 fell 0.5%

Euro Stoxx 50 futures fell 1%

Oil prices ticked higher in early trade on Wednesday, climbing for a fourth straight day on supply uncertainty as investors weighed conflicting messages from Tehran and Washington on whether the Strait of Hormuz is open to ships.

Gold prices edged higher in early Asian trade on Wednesday as U.S. Treasury yields eased from recent highs, while market participants awaited the release of the Federal Reserve's meeting minutes.

Read more: Ahead of Market: 10 things that will decide stock market action on Wednesday

Stocks in F&O ban today

2) LIC

4) SAIL

Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.

Foreign portfolio investors net bought shares worth Rs 1,651 crore on Tuesday. DIIs, meanwhile, were net buyers at Rs 2,579 crore.

The Indian rupee closed marginally weaker on Tuesday as likely central bank intervention stood between the South Asian unit and the pressure from elevated oil prices and surging global bond yields.