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Indian stocks slip as geopolitical uncertainty keeps crude oil elevated

Nifty 50 closed at 24,583 and the Sensex at 78,542 after crude oil held higher for a fourth straight session, with US jobs data easing expectations for near term Fed rate hikes.

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Indian equities traded in a narrow range on Monday, Aug. 10, with the Nifty 50 edging up 0.05% to close at 24,583, while the Sensex slipped 0.06% to end at 78,542, according to LiveMint Markets. The session was shaped by uncertainty around a potential Middle East peace deal, which kept crude oil prices elevated for a fourth consecutive session. At the same time, weaker than expected US jobs data eased concerns about the possibility of near term interest rate hikes by the US Federal Reserve, supporting global sentiment. LiveMint Markets said the market was likely to open cautiously on Tuesday, Aug. 11, with Gift Nifty pointing to a muted start as it traded near 24,616.5, down more than 43 points from the previous close of Nifty futures. The report also attributed risk caution to uncertainty surrounding US Iran negotiations over reopening the Strait of Hormuz, which it said has contributed to a rebound in crude oil. Shares likely to stay in focus include Rail Vikas Nigam and others due to Q1 results, while Wipro is set to be replaced by BSE in the Nifty 50 index from Sept. 30 as it exits the benchmark. The report also noted partnerships, including Bharti Airtel’s Airtel Business working with ITI Ltd on digital solutions, and a non binding memorandum of understanding between ONGC and Shell Energy India.

Latest closeWTI crude $82.30 ▲5.3%|Sensex 78,499.17 ▼0.6%

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