Indian Stock Market Opens Flat Amid Crude Oil Price Decline and Geopolitical Tensions
The Indian stock market opened flat on Thursday despite a decline in crude oil prices and positive global market sentiment following Nvidia's quarterly results. The BSE Sensex rose by 103.82 points or 0.13% from its previous close of 77,472.94 to open at 77,576.76 before paring gains to trade at 77,435.21, down 37.73 points or 0.05%. The Nifty 50 also opened higher, gaining 69.85 points or 0.29% before slipping almost flat.
The decline in crude oil prices was attributed to Iran's announcement that it was working with Oman to finalize an agreement regarding the Strait of Hormuz, raising hopes for a resumption of Middle East oil supplies. Brent crude fell by 0.46% to $87.44 a barrel, while WTI crude dropped by 0.47% to $81.84.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, stated that geopolitical tensions remain a key risk for equities, with both the US-Iran situation and renewed escalation in the Russia-Ukraine conflict weighing on markets.