Stock markets decline in early trade on spike in crude oil prices
Brent crude rose 1.03% to $84.41 a barrel as geopolitical tensions lifted energy costs and weighed on Indian benchmark indices.
- On Monday, Sensex and Nifty benchmarks drifted lower as Brent crude surged to around $84.4 a barrel amid geopolitical uncertainties including Gulf shipping attacks.
- Brent crude has risen for the third consecutive session after Iran indicated no immediate reopening of the Strait of Hormuz, Rajesh Palviya, Head of Research, Axis Direct, said.
- NSE market breadth remained positive with 1,400 stocks advancing against 1,158 declining, while Foreign Institutional Investors purchased equities worth Rs 1,974.76 crore for a second consecutive session.
- Asian markets traded mixed on Tuesday, with Hitesh Tailor, Technical Research Analyst at Choice Broking Private Limited, stating the near-term outlook remains "cautiously positive with a range-bound bias."
- Upcoming U.S. inflation data could influence global risk appetite, while analysts expect holding key support levels will keep downside contained amid elevated crude prices.
21 Articles
21 Articles
Tata Group shares have fallen sharply. Crude oil prices are also seeing a rise. These two factors have severely impacted the stock market today.
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Get latest articles and stories on Business at LatestLY. Indian markets open lower amid oil fears, as fresh tensions in the Strait of Hormuz pushed crude prices up, creating uncertainty across global indices. The BSE SENSEX stood at 78,347.74 points, down 194.70 points or 0.25 per cent, while the NSE NIFTY 50 stood at 24,539.75 points, down 44.05 points or 0.18 per cent. Business News | Indian Markets Open Lower as West Asia Tensions and Rising …
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