Commodities
Crude Surge Wipes Out Indian Stock Market's Opening Hopes
The Indian stock market is expected to start on a negative note, according to the GIFT Nifty index. The Asian markets are trading lower, and US futures are flat. The main reason for this downward trend seems to be the surge in crude oil prices above $90 due to renewed threats from Iran.
On Monday, the Nifty 50 closed at 24,366, down 0.12%, while the BSE Sensex closed at 78,009, down 0.09%. The Consumer Durables sector saw a significant surge in market capitalization of 2.42% on Monday.
The Brent crude futures are trading at $91.02 per barrel, above the psychologically important level of $90. Meanwhile, the US Dollar Index is trading slightly lower at 99.55, and the rupee has depreciated to 95.61 against the dollar.