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The market is likely to see a gap down opening today following weak global cues amid escalating tension in the Middle East and worries over full fledged war between Iran and Israel. Asian markets displayed some resilience on Thursday, riding on positive momentum from Wall Street’s recent performance. US stock market wrapped up with modest gains, primarily propelled by technology shares. However, investors remain cautious given the continuing tensions in the Middle East and the upcoming labor data releases. Oil prices ticked higher in early trade on Thursday as investors weighed the escalating conflict in the Middle East and the potential for disruption to crude flows, against an amply-supplied global market.

As per provisional figures, Foreign Institutional Investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs.5579.35 crore and Domestic institutional investors bought shares worth net Rs.4609.55 crore on 1^st October 2024.

The Asian stock market exhibited mixed trends on Thursday, mirroring a cautious sentiment across global markets amid escalating tensions in the Middle East. Japan's Nikkei 225 surged over 2%, while markets in China and South Korea remained closed for a holiday. Geopolitical tensions in the Middle East have spiked following Iran's missile attack on Israel on October 1. Israel's subsequent ground incursions into Lebanon targeting Hezbollah, an Iran-backed militia group, have exacerbated concerns about potential oil supply disruptions and increased uncertainty in global financial markets.

In the United States, stock markets closed with modest gains on Wednesday. The tech-heavy Nasdaq Composite rose slightly by 0.08%, while the S&P 500 and Dow Jones Industrial Average inched up by 0.01% and 0.09%, respectively. Investor caution persisted, however, due to Middle East tensions and the anticipation of additional US labor data. Key US tech stocks witnessed mixed performance. Nvidia gained 1.6%, while Tesla experienced a 3.5% decline. Humana Inc. and Nike faced significant losses, with drops of 11.8% and nearly 7%, respectively. The ADP National Employment Report indicated that US private payrolls grew more than expected in September, adding 143,000 jobs. This surpassed economists' forecasts and highlighted the strength of the US labor market despite broader economic uncertainties.

The US job market's resilience was further underscored by the unexpected increase in job openings in August. The Job Openings and Labor Turnover Survey (JOLTS) revealed a rebound of 329,000 job openings, exceeding analysts' expectations. While hiring declined slightly, layoffs decreased.

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