Mumbai: Indian benchmark indices started Thursday's trading session on a weak note as rising geopolitical tensions in the Middle East and a sharp jump in crude oil prices kept investors cautious. The ongoing conflict concerns pushed Brent crude above the $100 per barrel mark, raising fears of inflationary pressure and its impact on India's economy.
At around 9:25 AM, the Sensex was trading at 74,734.50, down 29.73 points or 0.04 per cent. Meanwhile, the Nifty 50 slipped 9.85 points or 0.04 per cent to 23,421.65.
Oil price surge becomes fresh worry for India
The rise in crude prices has emerged as a major concern for India, which imports a significant portion of its oil requirements. Expensive crude could put pressure on inflation, weaken the rupee and increase input costs for several industries.
Brent crude was trading near $101 per barrel, while other crude benchmarks also witnessed marginal gains. Gold prices moved higher, reflecting increased demand for safe-haven assets amid global uncertainty.
Experts warn of market pressure
Market experts believe sustained crude prices above $100 could impact economic growth and corporate earnings. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said the market structure has turned weak after the Nifty slipped below the 23,500 resistance level.
According to experts, sectors directly linked to fuel costs such as aviation, paints, tyres, adhesives and chemicals may face pressure if oil prices remain elevated. However, defensive sectors including healthcare, pharmaceuticals and FMCG could remain comparatively stable.
Investors keep an eye on global developments
Apart from crude prices, investors are also tracking global cues, US bond yields and expectations around monetary policy decisions. The possibility of higher interest rates has added to market concerns.
While short-term volatility may continue, analysts believe fundamentally strong sectors, including select banking stocks and digital businesses, could attract long-term investors as markets adjust to global risks.
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