Nifty, Sensex Seen Opening In Red As Brent Crude Jumps Above $111 per Barrel

Stock Market Today: The Indian equities market is set to start the new week on a weak note, with Sensex and Nifty seeing a negative opening on Monday. Gift Nifty, the pre-market indicator, traded 168 points lower or 0.71 per cent to 23,539 in the early morning session.

India’s benchmark indices seemingly continue on a bearish sentiment and flight of Foreign Institutional Investors (FIIs) amid the stretched Iran-US war.

Rising crude oil has also put fresh pressure on the sentiment of investors, which is already soured due to the poor performance of the market. Brent crude oil futures surged 2 per cent to $111 per barrel after President Trump warned that Tehran is running out of time to reach a deal with Washington, while Iranian media reports indicated

that the two sides remain far apart in negotiations.

The Asian market remains under pressure. Japan’s Nikkei 225 fell almost 1000 points or 1.50 per cent to trade below 60,400, while South Korea’s Kospi traded at 7,427, with a drop of 0.87 per cent.

Global risk appetite weakened sharply after fresh escalation fears emerged in the Middle East, according to Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth. “U.S. President Donald Trump’s warning urging Iran to “get moving, FAST” has once again revived concerns around a possible disruption in global crude oil supply routes, particularly around the Strait of Hormuz.”

Commodities also remain under pressure, with Gold falling by 1.18 per cent or 53.70 to $4,508 per ounce.