Indian Stocks Eye Cautiously Positive Start Amid Crude Oil Pressure
The Indian stock market is expected to start Monday on a cautiously positive note, supported by gains in global markets. However, higher crude oil prices may cap optimism.
Trends in Gift Nifty indicate a mildly positive opening for the benchmark indices, with Gift Nifty trading near the 24,661 mark, around 6 points above the previous close of Nifty futures.
On Friday, August 7, the Sensex and Nifty closed lower following two days of gains due to broad-based profit-booking and selling pressure in key sectors, particularly private banks and financial stocks.
The crude oil prices trading above the USD 80 per barrel mark dented investors' confidence. Brent crude futures climbed 1.03% to $84.41 per barrel, while US West Texas Intermediate (WTI) crude futures gained 0.75% to $78.77 per barrel.