Indian Stock Market Declines Amid Higher Crude Oil Prices and Geopolitical Tensions

The Indian stock market witnessed a decline on Monday, with key indices Sensex and Nifty settling lower. The Sensex dropped by 281.09 points, or 0.36 percent, to settle at 77,728.16. Meanwhile, the Nifty declined by 78.35 points, or 0.32 percent, to end at 24,287.65.

The decline was attributed to several factors, including higher crude oil prices and persistent geopolitical tensions in West Asia. Brent crude hovered around USD 89 per barrel, up 0.5 percent on the day. This increase in crude prices weighed heavily on investors' minds, causing them to remain cautious.

Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments, attributed the market's decline to the lack of triggers to break out of its current range. He stated that the Nifty is likely to continue in the range of 24,000 - 24,600 in the near-term till some triggers emerge.

The Indian rupee also depreciated by 17 paise to 95.59 against the US dollar. The overall risk-reward appeared tilted towards weakness. Among stocks, Jupiter Wagons shed 2.5 percent after registering a decline in its June-quarter profit, while Hindustan Aeronautics gained 2.2 percent following the signing of a pact with Adani Defence and BEML.