Indian Stock Market Declines as Crude Oil Prices Soar Amid Ongoing Iran War
The Indian stock market started the week on a cautious note, with the Sensex and Nifty indices declining due to various factors. The Sensex fell by 281.09 points or 0.36 percent to 77,728.16, while the Nifty declined to 24,287.65, down 78.35 points or 0.32 percent.
Higher crude oil prices were a key factor behind the market decline, with Brent crude trading around USD 89 per barrel. The ongoing Iran war is contributing to elevated fuel prices, with US President Donald Trump warning Americans to prepare for continued high fuel costs.
Vijayakumar of Geojit Investments stated that 'the market is likely to continue in the range of 24,000 - 24,600 in the near-term till some triggers emerge to break the range.' He added that crude trading at $89 without any prospects for an immediate resolution to the crisis will cap any uptrend.
Other factors contributing to the decline include weak global cues, a rise in India VIX, and a depreciating rupee. The rupee declined by 17 paise to 95.59 against the US dollar.