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Informist, Monday, Jun. 1, 2026

By Arundathi A R

MUMBAI – The domestic headline equity indices are expected to open higher Monday as crude oil prices are staying around $93 per barrel. Crude oil prices eased despite an elusive US-Iran ceasefire deal. The movement of the GIFT Nifty June futures contract also suggested a higher opening for the equity market. However, US President Donald Trump's approval of the proposed 60-day ceasefire deal is still pending. Asian markets showed a mixed trend in early trade.

According to various media reports, Trump said 'most of the agreement' with Tehran is about nuclear issues. Trump also hinted he is in no hurry to make a deal. In an interview with Fox News, Trump said he was pressing for a deal that would ensure Iran never acquires a nuclear weapon, CNBC reported.

"I'd like to say I'm in a hurry because gasoline prices are going to come tumbling down, but if you're going to be in a hurry, you're not going to make a good deal," CNBC reported, quoting Trump as saying. "And slowly but surely we're getting, I think, what we want, and if we don't get what we want, we're going to end it a different way. We're going to make a great deal, [otherwise] we'll just go back and finish it off militarily," he said.

Trump has sought to change several terms of the proposal to end the US-Israel war on Iran, Al Jazeera reported, citing media reports in the US. Trump's changes involved toughening the terms of the proposed deal, and the new framework was sent back to Iran for consideration, Al Jazeera's report said, citing The New York Times. On Friday, Trump said he would soon make a "final determination" on a possible deal with Iran that could extend the ceasefire and reopen the Strait of Hormuz.

At 0741 IST, the Brent crude oil August futures contract was higher 2.5% at $93.39 a barrel. Crude oil price rose from the previous close after three straight sessions of decline. It has fallen nearly 10% in a week and nearly 17% in the last seven days. Brent crude fell to a low of $92.20 a barrel Monday. Analysts see the equity market normalising only when crude oil prices return to the pre-war levels.

Foreign institutional investors continued their selling spree Friday and offloaded shares worth INR 211.06 billion. Domestic investors net bought shares of INR 167.64 billion. "FPI flows remain important for two key reasons," Sorbh Gupta, head of equity at Bajaj Finserv Asset Management, said. "First, India runs a persistent current account deficit, and capital inflows are essential to fund it, with FPIs forming a meaningful part of these flows. Second, for markets to remain vibrant, participation across investor segments is vital."

At 0755 IST, the June futures contract of GIFT Nifty was 0.2% higher at 23736 points. This was nearly 190 points higher than the Nifty 50's Friday's close of 23547.75. "Technically, this level (23500) remains the immediate support for the index," Sundar Kewat, technical and derivatives analyst at Ashika Institutional Equity Research, said. "A decisive break below 23500 could trigger further weakness and lead to a decline towards 23300, which is the next short-term support level. The major support for the index is placed near 23000. On the upside, immediate resistance is seen at 23800, followed by a stronger resistance near 24000. As long as Nifty remains below these resistance levels, the broader trading strategy remains 'sell on rise'. Any pullback towards the resistance zone may attract fresh selling pressure," he said.

In the latest development, the government Saturday cut the windfall gains tax on export of petrol, diesel, and aviation turbine fuel for the fortnight starting Monday. The special additional excise duty, or windfall gains tax, on petrol exports was reduced by INR 1.50 per litre to INR 3.00, and that on diesel exports was cut by INR 3.00 per litre to INR 13.50, according to a notification from the finance ministry. The tax on aviation turbine fuel was cut by INR 6.50 per litre to INR 9.50 per litre. There is no change in the existing excise duty rates on petrol and diesel for domestic consumption, the ministry said.

Moody's Ratings has upgraded the ratings of Tata Consultancy Services, Infosys, Reliance Industries, and Tata Steel, following an update in its methodology on the impact of sovereign credit quality on issuer ratings. The rating agency upgraded the long-term local currency issuer ratings of Tata Consultancy Services and Infosys to 'A2' from 'Baa1', the long-term local currency issuer rating and foreign currency senior unsecured ratings of Reliance Industries to 'Baa1' from 'Baa2' and the long-term foreign currency issuer rating of Tata Steel to 'Baa2' from 'Baa3'. The outlook on all ratings remains stable.   

Nifty 50 constituent Dr Reddy's Laboratories fell nearly 1% in the American depositary receipts. Index heavyweight ICICI Bank also fell nearly 1%. However, shares of HDFC Bank and Infosys rose over 1% and 3.5%, respectively.

In Asian markets, South Korea's Kospi was the biggest gainer, up over 4%. All three major US indices closed higher on Friday.  End

US$1 = INR 95.00

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

Edited by Saji George Titus

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