Indian Stock Market Declines on Elevated Crude Oil Prices

The Indian stock market started the week on a cautious note as crude oil prices remained elevated due to ongoing tensions in Iran. The Sensex declined by 453.52 points or 0.58% to 77,555.73, while the Nifty fell to 24,252.70, down 113.30 points or 0.46%. Brent crude was trading around $89 per barrel, up 0.5% on the day.

The US President Donald Trump told Americans to prepare for continued high fuel prices as a result of the war in Iran. This came after Iran called on the US to accept defeat on Saturday. The higher crude oil prices and weak global cues contributed to the decline in the market.

Anand James, Chief Market Strategist at Geojit Investments, warned that there might be further dips in the market as momentum appears to be lacking. He also predicted that near-term upside attempts will struggle to clear 24540-666, while the potential for a leap to 24850 - 25100 seems low.