Indian Stock Market Down as Crude Oil Prices Remain Elevated
The Indian stock market kicked off the week on a subdued note as crude oil prices remained elevated due to the ongoing Iran-US conflict.
The Sensex and Nifty benchmark indices saw significant declines, with the former down 519.73 points (0.67%) at 77,489.52 and the latter down 136.70 points (0.56%) at 24,229.30 by around 10:45 am.
The market's decline was attributed to several factors, including higher crude oil prices, which hovered around USD 89 per barrel, up 0.5% on the day. The Iran-US conflict showed no signs of resolution, with President Donald Trump urging Americans to prepare for continued high fuel prices.
Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments, stated that the market is likely to remain in a range of 24,000-24,600 until some triggers emerge to break it. He added that crude oil trading at $89 without any immediate resolution to the crisis will cap any potential uptrend.