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Indian stocks trade in a tight range as Middle East tensions lift oil
Nifty 50 closed up 0.05% at 24,583 while Sensex slipped 0.06% to 78,542, with the Nifty Midcap 100 up 0.62% and Smallcap 100 down 0.27%.
India’s benchmark stock indexes moved in a narrow range on Monday, August 10, as uncertainty around a potential peace deal in the Middle East kept crude oil prices higher for a fourth straight day, according to LiveMint Markets.
Nifty 50 finished marginally higher, up 0.05% to close at 24,583, while the Sensex ended lower by 0.06%, settling at 78,542. Broader market performance was mixed, with the Nifty Midcap 100 rising 0.62% and the Nifty Smallcap 100 falling 0.27%.
Sector performance diverged, with heavy selling in Nifty PSU Bank, Oil and Gas, Pharma, and FMCG, while Realty, Private Bank, and Metal stocks closed higher. LiveMint Markets also pointed to softer-than-expected US jobs data, which tempered concerns about near-term Fed rate hikes.
Geojit Investments’ Vinod Nair said markets stayed cautious as Strait of Hormuz uncertainty muted risk appetite, even as encouraging corporate earnings supported sentiment. He added that weaker US jobs data weakened the case for Fed tightening and shifted attention to upcoming US inflation readings for direction on rates and bond yields.
Latest closeWTI crude $78.07 ▲3.8%|Sensex 78,581.00 ▲0.2%