The Indian stock market on Monday opened flat amid ongoing global cues and tensions preventing investors from moving towards high-risk stocks.
Markets opened on a weak note with a negative bias after a prolonged break. At 9:30 a.m., the BSE Sensex was down 112 points at 73,206, while the NSE Nifty declined 36 points to 22,676.
Both equity indexes, Sensex and Nifty, opened flat amid a mixed global outlook due to rising tensions in West Asia.
While oil prices hit $110 per barrel following Trump’s fresh threat to “blow up” Iran, Asian stocks edged higher.
The oil prices have continued to remain above $110 per barrel since the beginning of the Iran war, despite oil-producing countries announcing more production in the coming days.
The surging oil prices have lured investors towards energy stocks and defence stocks, while the majority of other sectors have witnessed a slump over the past five weeks.
The GIFT Nifty indicated that the markets will likely open lower as oil prices rose further amid US President Donald Trump’s latest threats issued against Iran over the weekend.
The futures were quoted at 22,624, down 142.60 points or 0.63 per cent.
With Brent crude, the international benchmark for oil prices, reaching $112 per barrel, and FIIs dumping nearly ₹10,000 crore, investors are betting on dollar earnings from defence stocks.
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