Sensex Treads Water Amid Hormuz Deal Hopes and Oil Price Volatility
Indian equity benchmarks started the week on a cautious note as investors digested uncertainty surrounding an agreement between the US and Iran over the Strait of Hormuz.
The BSE Sensex opened above 78,550, up about 60 points from Friday's close, while the NSE Nifty50 inched up around 14 points to 24,600.
Crude oil prices rose as investors assessed the possibility of a deal between Washington and Tehran regarding the strategically important waterway. Iran stated that reopening the Strait would depend on additional US conditions.
The August crude futures were quoted at $84.75 per barrel, up 1.44% from Friday's close.