Indian Markets Open in Red as Brent Crude Nears USD 97 Amid West Asia Tensions

The Indian markets opened in red on September 7 as Brent crude neared USD 97 amid heightened geopolitical tensions in West Asia and concerns over US interest rates.

Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, noted that Brent is trading near USD 96.50 this morning after a rise of about 10% last week.

The surge in crude prices compounds pressure on domestic equities, with GIFT Nifty trading at 23,950.00 points, lower by 60.00 points.

Vikram Kasat, Chief Business Officer, Advisory and Dealing at PL Capital, stated that weak Wall Street cues, fear of rate hike in US and uncertainty in Middle East may lead to some more consolidation in the stocks when markets open for trade on Monday.