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India stocks seen opening higher as oil drops after Trump Iran move
Gift Nifty was around 24,629.5 in early trade, pointing to a gap-up, while Brent crude for October slid as much as 7.3% in Asian hours after the Iran talks update.
Indian stock benchmarks are set to open higher on Monday, August 3, as investors track firmer global cues and softer crude oil prices, with the Gift Nifty indicating a gap-up start. LiveMint Markets said the Gift Nifty traded around 24,589.5, about 137 points above the prior Nifty futures close. By 7:50 AM, it was near 24,629.5.
The prior session also extended gains, with LiveMint Markets reporting the BSE Sensex rising 166.49 points, or 0.21%, to close at 78,094.64, and the Nifty 50 up 66.45 points, or 0.27%, to settle at 24,383.60.
Oil and metals moved on a geopolitical shift involving Iran. According to LiveMint Markets, Brent crude for October delivery fell as much as 7.3% in early Asian trading after a roughly 25% rally in July, the strongest monthly gain since March, while US WTI slipped below $81 a barrel.
LiveMint Markets also linked gold price strength to renewed optimism around Iran talks, noting spot gold traded near $4,070 an ounce after posting a 1.0% gain in July. It said gold remains more than 20% below pre-escalation levels of the US-Iran conflict, and that the recent energy rebound has helped keep inflation concerns alive, influencing expectations that global rates could stay higher for longer.
The outlook is still tempered by caution ahead of the Reserve Bank of India policy meeting, according to LiveMint Markets.
Latest closeGold $4,098.60 ▼0.0%|WTI crude $86.80 ▲3.8%|Brent $90.12 ▲1.2%