The Indian stock market on Monday witnessed a muted opening amid the continuous deadlock over the Strait of Hormuz and a rise in crude oil prices.
At 9:30 am local time, the BSE Sensex dropped 156 points, or 0.20 per cent, to 78,338.01 levels, with 17 out of 30 listed companies trading in the red in early trade.
Meanwhile, the broader NSE Nifty 50 was also trading 45 points lower at 24,524, or 0.19 per cent, with most of the stocks on the indices trading either in the red or stagnant.
Among the top gainers on the Nifty were Tata Steel, Titan, Grasim and Cipla, while the top laggards were Bharti Airtel, TCS, HDFC Bank and State Bank of India.
Meanwhile, the majority of the Asian markets, including Japan’s Nikkei 225, were up about 1.46 per cent, and South Korea’s Kospi was up by 0.65 per cent.
Crude oil prices also surged after Iran prevented the transit of vessels and other cargo ships in the Strait of Hormuz. Crude oil was trading at $85 a barrel.
Previous Close: The Nifty 50 ended down 65.35 points (-0.27 per cent) at 24,570.65 on Friday, and the BSE Sensex dropped 455.59 points (-0.58 per cent) to 78,499.17, weighed down by financial sector selling.
Opening Indication: GIFT Nifty pointed to a flat-to-tepid start around the 24,655–24,670 range as elevated crude prices and caution ahead of upcoming U.S. inflation data kept investors guarded.
Also read: ‘Strong credit growth to support markets’
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