The GIFT Nifty, which indicates Indian market futures, is set for a negative opening, trading down over 300 points at 23,775. This decline follows a brief resurgence in the markets, which had seen six weeks of consecutive losses, buoyed by positive global cues and optimism surrounding a temporary ceasefire between the US and Iran. However, the collapse of these peace talks has once again heightened geopolitical tensions, affecting market sentiment. The broader market structure remains positive, with potential for a short-covering rally to push the Nifty towards the 24,300–24,500 range in the near term. In global markets, the S&P 500 futures fell 0.9%, while oil prices surged past $100 per barrel due to concerns over disruptions to Iranian oil exports. Foreign portfolio investors were net buyers, purchasing shares worth ₹672 crore, while the Indian rupee settled at 92.83 against the US dollar, reflecting the impact of rising global tensions.