Indian Stocks Set for Negative Open as Crude Prices Soar

The Indian stock market is expected to start on a negative note on Tuesday due to elevated crude oil prices. The global benchmark Brent crude futures for November delivery rose 0.20% to $97.20 a barrel, while US West Texas Intermediate (WTI) crude futures for October delivery advanced 1.07% to $92.56 per barrel.

Ponmudi R, CEO of Enrich Money, stated that elevated oil prices are a key risk for India as they can widen the import bill, stoke inflationary pressures, and strain the current-account balance.

The Nifty 50 declined 0.57% to close at 23,779 on Monday, while the Sensex slipped 0.5% to end at 76,132. Both benchmark indices touched their lowest levels since July 24 during the trading session.