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Brent lifts above $94 as Iran strait tensions keep Indian stocks muted
Friday ended with the Nifty Smallcap 100 up 0.55% while the Nifty Midcap 100 fell 0.04%, as investors weighed U.S. moves to isolate Iran and rising global bond yields.
India’s benchmark indexes finished Friday’s session largely unchanged, with sentiment kept fragile by elevated crude oil prices and a rebound in global bond yields, according to LiveMint Markets.
The report said expectations for a diplomatic breakthrough in the Middle East faded as the U.S. prepared sweeping economic penalties against Iran, adding uncertainty as the U.S.-Iran standoff over the Strait of Hormuz showed no sign of easing.
Traders cited risks of ongoing supply disruptions through the strait, with Brent crude pushed above $94 per barrel, helping restrain risk appetite, the outlet reported. It added that the Nifty 50 and Sensex extended their weekly losing streak to a second consecutive week.
Among individual stocks, Welspun Corp was the top gainer, rising 14% to ₹2,290 after securing what the article described as its largest single order in history, valued at about $1.8 billion and for pipe supply from its U.S. manufacturing facility, LiveMint Markets reported. Jindal Saw gained 8% to ₹292, while select metal stocks including Vedanta and Hindustan Zinc rose between 2.3% and 4%.
Latest closeWTI crude $91.10 ▲3.2%|Brent $103.93 ▲3.7%|Sensex 72,638.70 ▼0.6%