The Indian stock market on Monday witnessed a mixed opening after both indices fell 0.2 per cent in early trade following an initial surge of 150 and 70 points in the first 15 minutes.
Both BSE Sensex and Nifty declined as traders awaited the latest round of US-Iran talks, likely to be held in Pakistan.
The Nifty 50 was trading 0.2 per cent or 59.90 points down at 24,313.40, while the Sensex was trading 0.02 per cent or 14.59 points down at 78,478.95.
Among the top losers in early trade were Jio Financial Services, Hindalco Industries, and Tata Motors Passenger Vehicles.
Sector-wise, the Nifty Metal witnessed the steepest decline, while Nifty Realty and Nifty Oil & Gas also fell amid prevailing geopolitical tensions in the Middle East.
However, the banking sector, especially PSU banks, and Nifty Media were among the top gainers in early trade.
Meanwhile, scepticism from Iran over the fresh round of peace negotiations in Pakistan has cast a shadow on the Strait of Hormuz, with Iran fearing that the US could launch a fresh assault on Iran as it builds forces near the waterway.
Iran has fired on cargo ships passing through the Strait of Hormuz after the US Navy seized its cargo ship in the Gulf of Oman.
This has triggered a price rise in crude oil, which surged nearly five per cent in trade following the fresh escalations in West Asia. Its April futures contract was trading 4.8 per cent higher at $94.72 per barrel.
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