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Informist, Tuesday, Aug. 11, 2026

By Arundathi A R

MUMBAI – Amid a major update to the almost six-month-long war in West Asia and the consequent rise in Brent crude oil prices, domestic equity indices are expected to continue moving in a range Tuesday as signalled by the GIFT Nifty's August futures contract levels. As per the latest reports, Iran ruled out future negotiations with US President Donald Trump and said it will not negotiate with Donald Trump and will maintain its current strategy until his presidency ends in 2029. The October futures contract of Brent crude oil sprinted and reached a nearly two-week high of $88 a barrel level.

According to Iranian media reports, Majid Shakeri, an adviser to Parliament Speaker Mohammad Bagher Ghalibaf, said Tehran no longer expects a breakthrough with the current US administration, Money control reported. "Trump will not reach an agreement with us. We will accompany him until his term ends," Moneycontrol reported, quoting Shakeri as saying.

"We currently have no negotiations with the United States. Intermediaries are still making efforts to find ways to resume negotiations," the Money control report said, quoting Iranian Foreign Minister Abbas Araghchi. He said Tehran would not return to formal talks unless Washington addressed what Iran described as violations of the Memorandum of Understanding, which was reached earlier this year.

Trump Monday responded to Iran's conditions for a peace deal with his own demand that Iran pay compensation for people killed in wars, attacks, and protests, Reuters reported. "We're going to ask for money for the damage they've done over a 50-year period," Trump said at the White House. "So if there's damages to be paid, I think Iran should pay those damages," Reuters reported, citing Trump as saying. At 0744 IST, the October futures contract of Brent crude oil was marginally higher from its previous close at $87.93 a barrel. This was almost 21% higher than their pre-war levels.

Shares of Adani Group companies will be in focus Tuesday after reports said a US judge Monday dismissed criminal charges against Indian billionaire Gautam Adani, but said the Justice Department's decision to abandon the fraud and bribery case was concerning. According to Reuters, Judge Nicholas Garaufis of the US District Court for the Eastern District of New York, dismissed criminal charges against Gautam Adani and Sagar Adani. Garaufis' decision to grant federal prosecutors' rare bid to toss the case came after he inquired into their reasons for doing so, including whether Adani's November 2024 promise to invest $10 billion in the US was a factor in the decision to drop the charges, Reuters said. 

Reacting to this, Gautam Adani, in his X account, wrote that he welcomes the US court's decision with humility and deep respect for the judicial process. "My deepest gratitude to those who never lost faith in us, in the system and in India's capacity for justice. We will continue doing what matters: building for our nation, creating value that outlasts us and serving a purpose larger than ourselves," he said in the post.

At 0757 IST, the August futures contract of GIFT Nifty was largely flat from its previous close at 24611. This was around 27 points higher than the Nifty 50's Monday close at 24583.80 and indicated the movement of indices within a range for Tuesday. "The technical view remains positive at current levels," Sundar Kewat, technical and derivatives analyst at Ashika Institutional Equity Research, said. "However, a sustained daily close above the 200-DMA would provide higher conviction to the bullish setup and could open the possibility of the index moving towards the 25200 level. In the near term, the buy-on-dips strategy remains favourable, with immediate support levels placed at 24500 and 24400. As long as these support levels hold, the broader bullish view remains intact." Volatility is also expected on the expiry day of the Nifty 50's weekly derivatives contract, like the index testing 24700 and then again going back to 24550-24500, according to Kewat.

Market participants are expected to closely watch the closing auction system, even though indices gained in tandem on Monday for the first time since the system was implemented last week. At the end of the continuous trading session at 1515 IST Monday, the Nifty 50 was at 24560.15 points, a tad down from Friday. The BSE Sensex was also slightly down from Friday at 78478.66 points. After the closing auction session, the Nifty 50 ended at 24583.80, up 13.15 points or 0.1% from Friday's close.

Foreign institutional investors bought shares for the second session Monday. They net bought shares worth INR 19.75 billion. Domestic institutional investors, however, reversed their three straight sessions of buying and net sold shares of INR 12.90 billion Monday.

All three major US indices closed lower Monday. Barring the CSI 300 Index and the Hang Seng Index, all major Asian equity indices were higher in early trade. Japan's Nikkei 225, up 2%, was the highest gainer among them.  End

US$1 = INR 95.30

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Akul Nishant Akhoury

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