Indian shares set for muted start as crude remains at elevated levels
Indian shares were expected to start the week on a muted note on Monday, extending the cautious sentiment seen last week, as a lack of progress towards ending the Iran war kept crude oil prices elevated. GIFT Nifty futures were at 24,399 points as of 7:24 a.m. IST, indicating a muted start for the benchmark Nifty 50 index, which closed at 24,366 on Friday. Iran called on the U.S. to accept defeat…
Indian stock markets were set to open cautiously on Monday, mirroring the subdued sentiment observed the previous week, as the ongoing conflict in Iran continued to push crude oil prices to higher levels. By 7:24 a.m. IST, the Nifty 50 index futures were trading at 24,399 points, suggesting a lackluster start for the Nifty 50 benchmark index, which had closed at 24,366 points on Friday.
Iran urged the United States to accept defeat on Saturday, while former President Donald Trump labeled Tehran as "very evil" and warned Americans to brace for persistent high fuel prices due to the ongoing war. MSCI’s Asia-Pacific index, excluding Japan, remained relatively unchanged on Monday, as investors remained vigilant regarding oil price fluctuations.
On the day, Brent crude futures remained steady around $89 per barrel, up 0.7%. Last week, India's benchmark Nifty 50 and the BSE Sensex experienced declines of 0.8% and 0.6%, respectively, due to ongoing Middle Eastern uncertainty and elevated crude prices, which dampened risk appetite. As a major oil importer, higher crude prices pose a challenge for India, potentially exacerbating the country's import expenses, fueling inflation, and impacting corporate profitability.
On Friday, foreign investors turned buyers of Indian equities, purchasing shares worth 5.08 billion rupees on a net basis, while domestic institutional investors bought 3.56 billion rupees on a net basis.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
