Indian equity benchmarks showed a mixed response in early trade on Monday, with the Sensex gaining slightly while the Nifty opened flat, as investors remained cautious amid rising crude oil prices and persistent uncertainty in the Middle East.
The latest developments in West Asia — including US-Israel airstrikes on Iranian oil facilities and subsequent retaliation from Tehran — have kept sentiment fearful.
Volatility is expected to persist throughout the week. On the global front, Asian markets traded mixed.
MSCI’s broadest index of Asia-Pacific shares (excluding Japan) rose 0.1 per cent. US stocks ended lower last week, weighed down by concerns over global oil supply disruptions due to the ongoing conflict.
The US-Iran war has now entered its third week, with trade through the Strait of Hormuz — a critical passage for 20 per cent of global oil and gas supplies — effectively halted after Iranian targeting of oil ships linked to the United States and its allies.
US President Donald Trump said Washington is in contact with Iran but expressed doubt that Tehran is ready for serious negotiations to end the conflict.
Crude oil prices have remained above $100 per barrel for the third consecutive week since the US-Israel war on Iran began on February 28.
Brent crude futures fell 0.23 per cent to $102.90 a barrel, while US West Texas Intermediate crude slipped 1.08 per cent to $97.64 a barrel.
The combination of a strong dollar and elevated crude prices has also pressured gold and silver prices globally.
Also read: FPIs pull out ₹52,704 cr from equities in March sell-off
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