Indian Markets End Flat Amid Elevated Oil Prices, Middle East Uncertainty
Indian stock markets ended flat on Monday despite crude oil prices remaining elevated and investors' sentiments being weighed down by the Middle East crisis. At close, the Sensex was up by 43.27 points or 0.06% at 78,542.44, while the Nifty was at 24,583.80, up by 13.15 points or 0.05%. The Indian rupee weakened to 95.26 per dollar on Monday versus its previous close of 95.21.
Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, noted that the recovery in energy prices remains an important near-term factor for USD/INR. He predicted that the rupee is likely to remain range-bound but volatile due to upcoming US inflation data and its potential impact on the Federal Reserve's policy.
Vinod Nair, Head of Research at Geojit Investments Limited, said that markets remained on a tight leash due to uncertainty surrounding the Strait of Hormuz. However, he also noted that India's robust domestic growth engines and resilient economic fundamentals continue to provide a strong anchor for investor confidence.