Indian equities began the week on a cautious note as rising crude oil prices and heightened tensions in West Asia weighed on sentiment, while concerns over US interest rates added to the pressure. Stock market today saw the BSE Sensex at 76,408.05, down 107.38 points or 0.14 per cent, while the NSE Nifty 50 stood at 23,883.15, lower by 14.55 points or 0.06 per cent. GIFT Nifty was also trading at 23,950.00, down 60 points, signalling continued caution in early trade.
Stock market today tracks crude as West Asia tensions deepen
Brent crude climbed after gaining around 10 per cent last week and reached USD 97.02, up USD 0.74 or 0.77 per cent. Crude oil rose USD 0.79 or 0.86 per cent to USD 92.27. Gold moved in the opposite direction, falling USD 30.63 or 0.69 per cent to USD 4,401.93.
Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, said, “Brent is trading near USD 96.50 this morning after a rise of about 10% last week, and the weekend has added a new dimension to the conflict; it is now being fought at sea.” He added, “On Saturday, the US struck three Iranian oil tankers anchored off Iran’s coast, its first direct strikes on Iranian tankers, in response to Tehran firing ballistic missiles at American warships, including an aircraft carrier. Iran’s Revolutionary Guard then claimed attacks on three tankers using what it called an unauthorised route through the strait, along with US-affiliated vessels.”
Stock market today faces fresh supply concerns
Banerjee said Iran’s top security official announced on Sunday that Tehran will declare a restricted zone in the coming days. The zone will begin at the US naval blockade line and extend into the Gulf, with ships entering it to be placed on Iran’s sanctions list. Iran also said the transit corridor agreed with Oman will be signed shortly, with its entry and exit points under Iranian control.
“Separately, OPEC+ producers on Sunday held October output at September levels, so there are no incremental barrels coming from that quarter,” Banerjee said. The combination of higher crude prices and geopolitical uncertainty is adding pressure to domestic equities.
Stock market today watches 24,000 resistance zone
Rajesh Palviya, Head of Research at Axis Direct, said, “The near-term bias remains cautious, with the index struggling below the crucial 24,000–24,150 zone, which has repeatedly capped upside. Immediate support is placed at 23,800, followed by 23,700 and 23,600. A sustained moderation in geopolitical tensions that brings Brent below USD 90 could provide the trigger for the Nifty to reclaim 24,150.”
Stock market today takes weak Wall Street cues
US market indicators also pointed to a cautious start. Dow Jones Futures dropped 196.53 points or 0.37 per cent to 53,217.72. The S&P 500 fell 29.11 points or 0.38 per cent to 7,718.60, while Nasdaq shed 77.07 points or 0.29 per cent to 26,506.99.
Vikram Kasat, Chief Business Officer – Advisory and Dealing at PL Capital, noted that, “Weak Wall Street cues, fear of rate hike in US and uncertainty in Middle East may lead to some more consolidation in the stocks when markets open for trade on Monday. For the next couple of weeks participants may watch out for SEBI’s review of CAS closing, FED meet outcome and developments in the Middle East.”
Kasat said the most desirable outcome would be the FED leaving rates unchanged and “some kind of relief from the Middle East in terms of restart of peace talks.”
Also Read: Stock Market Today: Sensex Jumps 452 Points, Nifty Nears 23,940 As Asian Markets Turn Positive
Khalid Lateef is a Sub-Editor at NewsX Digital, specializing in Indian politics and global affairs. He also covers viral trending stories and major crime developments.
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