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Sensex and Nifty finish higher on oil slide after Iran sanctions news
Brent crude fell more than 3% to around $89 a barrel, helping stocks close up 0.4% on Tuesday, while traders awaited US PCE inflation and Fed Chair Kevin Warsh at Jackson Hole.
India's benchmark Sensex rose 287 points, or 0.37%, to close at 77,656, while the Nifty 50 finished up 116 points, or 0.48%, at 24,335 on Tuesday, 25 August, a monthly expiry day, LiveMint Markets reported.
The gain was linked to softer oil prices after the US expanded sanctions on Iran but, according to Geojit Investments research head Vinod Nair, the measures fell short of market expectations. Brent crude dropped more than 3% to around $89 per barrel, its lowest level in a week, which helped moderate energy costs and reduced pressure seen earlier in crude and bond yields.
Market breadth was mixed, with buying supporting the Nifty Midcap 150, up 0.45%, while the Smallcap 250 index slipped 0.15%. LiveMint Markets also said select large-cap names, including ICICI Bank, Infosys, and SBI, lifted the Sensex, though losses in HDFC Bank and Eternal shares limited the move.
Geojit Investments added that sentiment could stay cautious as US-Iran tensions remain unresolved, keeping oil and long-dated bond yields sensitive to Middle East developments. Traders are also watching US PCE inflation data due Wednesday and Fed Chair Kevin Warsh's first speech at the Jackson Hole Symposium on Friday, which could influence expectations for the US interest-rate path.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%|Sensex 78,079.96 ▲0.1%