Nifty ended higher for second consecutive day and closed with gains of 1.1% on Friday. On Monday, the market will likely to react to reports that the Hormuz is being closed by Iran. Analysts say Indian equity markets are expected to sustain their gradual upmove on the back of supportive domestic fundamentals and improving global cues.STATE OF THE MARKETSGIFT Nifty (Earlier SGX Nifty) signals a negative startGIFT Nifty on the NSE IX traded lower by 152 points, or 0.63 per cent, at 24,075, signaling that Dalal Street was headed for a negative start on Monday.Tech View: Overall, the near-term sentiment remains favourable for the bulls. On the upside, immediate resistance is seen at 24,500, while on the downside, strong support is placed at 24,000.India VIX: India VIX, which is a measure of the fear in the markets, fell 8.3% to settle at 12.25 levels.Asian shares down Share markets slipped in Asia on Monday as fighting intensified in the Gulf and Iran claimed to have closed the vital Strait of Hormuz, sending oil prices surging and rekindling inflation risks globally.S&P 500 futures fell 0.3% as of 9:44 a.m. Tokyo timeHang Seng futures rose 0.3%Nikkei 225 futures (OSE) fell 0.5%Japan’s Topix rose 0.3%Australia’s S&P/ASX 200 fell 0.2%Euro Stoxx 50 futures fell 0.1%Oil risesOil prices opened sharply higher on Monday after the United States launched a wave of attacks on Iran and as Tehran announced it would close the Strait of Hormuz.Gold slides Gold slid over 1% in early Asian trade on Monday, as fears of the Strait of Hormuz closure drove oil prices sharply higher, reviving expectations of elevated interest rates to combat inflationary pressures.Dollar jumpsThe dollar jumped against most of its peers as a renewal of conflict in the Middle East fanned inflation fears and the prospect of rate hikes from central banks increased.Stocks in F&O ban today1) KaynesSecurities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.FII/DII actionForeign portfolio investors net bought shares worth Rs 2,603 crore on Friday. DIIs, meanwhile, were net buyers at Rs 2,020 crore.RupeeThe Indian rupee ended nearly flat on Friday but declined from a week earlier as renewed hostilities in the Middle East made investors cautious about exposure to oil-sensitive currencies and sparked a modest pickup in importer hedging.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)