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Sensex and Nifty close flat as oil jumps and Middle East uncertainty persists
Brent crude rose more than 1% toward $85 a barrel after renewed Red Sea attacks tied to the Houthis, while India’s midcaps gained and smallcaps fell.
India’s benchmark Sensex and Nifty 50 ended largely unchanged on Monday, with sentiment weighed by geopolitical uncertainty and higher crude prices. The Sensex rose 43 points, or 0.06%, to close at 78,542, while the Nifty 50 added 13 points, or 0.05%, to finish at 24,583.80, according to LiveMint Markets.
Sector and breadth were mixed as selective heavyweights offset weaker names. The market saw gains in shares of Titan, Bajaj Finance, and ICICI Bank, while losses in SBI and Reliance were among the drags. The Nifty Midcap 100 rose 0.62%, while the Smallcap 100 fell 0.27%.
Overseas factors also influenced risk appetite, including a jump in Brent crude. Brent increased more than 1% to trade near $85 per barrel after Yemen’s Houthis resumed attacks on the Red Sea port city of Mocha, as cited from a Yemeni military spokesperson.
LiveMint Markets added that softer-than-expected US jobs data helped investors scale back expectations for further Fed rate hikes, shifting attention toward Wednesday’s US CPI and potential moves in bond yields. The update cited Geojit Investments’ Vinod Nair, who said the Strait of Hormuz uncertainty kept markets cautious, even as encouraging corporate earnings offered some support. In India, Nifty PSU Bank dropped 1.67%, while Nifty Oil and Gas fell 0.37%, Healthcare slid 0.35%, and Pharma declined 0.23%.
Latest closeWTI crude $78.07 ▲3.8%|Brent $83.46 |Sensex 78,581.00 ▲0.2%