Indian Stock Market Set for Negative Open Amid US-Iran Conflict
The Indian stock market is expected to open on a negative note on Monday, August 31. The Asian markets mostly fell overnight, led by South Korean equities, after US forces struck Iranian rocket launchers on Larak Island in the Strait of Hormuz.
The Sensex and Nifty 50 ended higher on Friday, breaking their two-session losing streak, supported by positive global market cues and softer crude oil prices. The Sensex gained 331 points, or 0.43%, to close at 77,264.51, while the Nifty 50 advanced 85 points, or 0.35%, to settle at 24,175.65.
The US-Iran conflict has escalated tensions in the Middle East, with oil prices rising by more than $1 a barrel on Monday. Brent crude futures gained $1.08, or 1.23%, to $89.18 a barrel, while US West Texas Intermediate (WTI) crude advanced 92 cents, or 1.10%, to $84.32 a barrel.