Oil Prices Soar Amid Supply Disruptions as India's Markets Await Fed Minutes
The Indian stock market closed lower last week, with the NIFTY50 index falling 0.8% to 24,366 and the SENSEX declining 0.6% to 78,009. The earnings season for Q1FY27 has come to an end, and several key events are expected to impact the market this week.
Among NIFTY50 stocks, Bharat Electronics, Dr Reddy's Labs, and Titan Company were the top gainers, while Max Healthcare Institute, UltraTech Cement, and TCS were the top losers. Tata Group stocks were in focus after Chairman N Chandrasekaran announced that he will not seek reappointment when his current term ends on February 20, 2027.
Global oil prices surged last week, rising over 7% to $88.6 per barrel for Brent Crude Oil and 6.9% to $82.4 per barrel for WTI Crude Oil, amid supply disruption concerns following a standoff between the US and Iran over the control of the Strait of Hormuz.
The release of the Federal Reserve minutes from the July FOMC meeting is also expected to impact the market, as investors look for clues on whether the committee's debate is shifting ahead of the next FOMC meeting. Foreign institutional investors (FIIs) have been net buyers of Indian equities so far in August, with FIIs making net purchases of ₹508.12 crore and DIIs making net purchases of ₹356.40 crore.