Indian Stocks Edge Up Amid Crude Price Hike and Geopolitical Tensions
The Indian stock market indices experienced a marginal increase on Monday, driven by rising crude oil prices and geopolitical uncertainties. The Sensex rose 43.27 points, or 0.06 per cent, to settle at 78,542.44, while the Nifty ended flat with a gain of 13.15 points, or 0.05 per cent.
The Brent crude price jumped 1.10 per cent to USD 84.47 per barrel, contributing to the market's upward trend. However, investors remained cautious due to ongoing uncertainty surrounding the Strait of Hormuz and its potential impact on global oil supplies.
Despite this, encouraging corporate earnings provided some support to the broader sentiment, according to Vinod Nair, Head of Research at Geojit Investments Limited. He noted that softer-than-expected US jobs data weakened the case for Fed tightening, shifting investor focus to upcoming US inflation readings for fresh direction on rates and bond yields.