Overnight Developments: US-Iran Ceasefire, HCL Tech Q4 Results, and Other Market Impacting Events

Indian Stock Market Expected to Open Lower Amid Cautiousness Over US-Iran Ceasefire

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Wednesday, following mixed global market cues, amid cautiousness over the US-Iran ceasefire and as the blockade of the Strait of Hormuz continues. Asian markets traded mixed, while the US stock market ended lower overnight after the second round of peace talks was rejected by Iran.

On Tuesday, the Indian stock market ended with strong gains amid the possibility of US-Iran peace talks. The Sensex jumped 753.03 points, or 0.96%, to close at 79,273.33, while the Nifty 50 settled 211.75 points, or 0.87%, higher at 24,576.60. According to Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, "Indian equities are expected to continue their gradual upmove, supported by improving macros, easing crude, and strong Q4 earnings momentum. With the ceasefire deadline arriving, all eyes turn to the second round of US–Iran talks — while markets remain hopeful of progress, elevated tensions and uncertain participation make any negative surprise a key downside risk."

Key Global Market Cues for Sensex Today

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Asian markets traded mixed on Wednesday amid uncertainty after the US-Iran ceasefire was extended. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.14% after hitting a seven-week high in the previous session. Japan's Nikkei 225 rose 0.20%, while the Topix fell 0.62%. South Korea's Kospi eased 0.03%, while the small-cap Kosdaq declined 0.42%.

US Stock Market Update

The US stock market ended lower on Tuesday after Iran rejected the second round of peace talks. The Dow Jones Industrial Average declined 292.96 points, or 0.59%, to 49,149.60, while the S&P 500 fell 45.12 points, or 0.63%, to 7,064.02. The Nasdaq Composite closed 144.43 points, or 0.59%, lower at 24,259.96. Key stocks, including Nvidia, AMD, Microsoft, Apple, and Tesla, also saw significant movements, with Nvidia stock price falling 1.08%, AMD shares rallying 3.47%, Microsoft shares rising 1.46%, Apple share price dropping 2.52%, and Tesla stock price declining 1.55%.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

US-Iran Ceasefire Update

US President Donald Trump said that he has directed the US military to indefinitely extend the ceasefire with Iran and maintain a blockade of the Strait of Hormuz while diplomatic efforts continue. Meanwhile, Vice President JD Vance's expected trip to Pakistan for US-Iran peace talks was put on hold.

US Retail Sales

US retail sales increased more than expected in March. Retail sales jumped 1.7% last month after an upwardly revised 0.7% gain in February. Economists polled by Reuters had forecast retail sales advancing 1.4% after a previously reported 0.6% increase in February.

Treasury Yields

US Treasury yields rose after retail sales data reinforced expectations that the US Federal Reserve will keep rates steady this year. The yield on benchmark US 10-year notes rose 6.3 basis points to 4.313%, while the 30-year bond yield rose 3.4 bps to 4.9152%. The 2-year note yield rose 8.6 bps to 3.802%.

HCL Technologies Q4 Results

HCL Technologies reported a 10.11% QoQ rise in its Q4FY26 consolidated net profit to ₹4,488 crore, while its revenue from operations was flat QoQ at ₹33,981 crore. In constant currency (CC), revenue declined 3.3% QoQ, and dollar revenue dropped 2.9% QoQ to $3,682 million. HCL Tech also announced a dividend of ₹24 per share for the quarter.

Dollar Steadies to One-Week High

The dollar steadied to a one-week high amid skepticism over US-Iran ceasefire. The US dollar index, which measures the greenback's strength against a basket of six currencies, was steady at 98.415, its highest level since April 13. The euro last fetched $1.1748 and sterling firmed to $1.35195. The yen was a bit stronger at 159.26 per dollar.

Crude Oil Prices Fall

Crude oil prices fell as investors assess the outlook for US-Iran peace talks following the US extension of a ceasefire. Brent crude futures declined 0.2% to $98.27 a barrel, while West Texas Intermediate futures fell 0.3% to $89.39. Both benchmark contracts rose about 3% on Tuesday.

Gold Price Rises

Gold prices rose after the US-Iran ceasefire was extended and plans for a fresh round of peace talks fell apart. Spot gold price rose 0.1% to $4,723.70 an ounce, while silver price rose 0.3% to $76.96 an ounce.