Commodities
Indian Stocks Swing Amid Crude Oil Volatility and US-Iran Tensions
The Indian stock market started the week of September 21 on a mixed note due to conflicting factors affecting crude oil prices, US-Iran tensions, and the ongoing IPO of National Stock Exchange of India (NSE).
The Sensex gained 329.78 points or 0.44% at the beginning of trading to reach 74,624.74, while the Nifty 50 index added 25.60 points or 0.11% to settle at 23,372.
However, this increase was short-lived as crude oil prices declined by approximately 2.2% to $101.60 per barrel due to expectations of a recovery in oil shipments from Saudi Arabia.
The Brent crude stayed above the key psychological level of $100, keeping inflation, costs, and interest rate worries alive for India, which is highly reliant on importing crude.