Brent Surges Past $96 as Indian Equities Start Week with Caution
The Indian equity market is off to a cautious start on Monday, according to the Gift Nifty, which signals a hesitant beginning for Indian equities. The Asian markets are trading higher, but the elevated crude oil prices and rising US Treasury yields have tempered the outlook.
The Brent crude price has surged past $96 a barrel, with Brent up 0.29% at $96.56 a barrel, while US crude gained 0.53% to $91.97 a barrel. The US Treasury yields moved higher on Friday, with the 10-year yield rising over 2 basis points to 4.784%, and the 2-year yield climbing more than 4 basis points to 4.377%.
The Indian rupee gained 2 paise to settle at 94.49 (provisional) against the US dollar, compared with the previous close. The aquaculture stocks emerged as the biggest sectoral gainer on Friday, rising 9.32%, followed by silver stocks with a 1.66% increase.