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Nifty, Sensex open positive despite concerns over inflation, global oil prices
At 9:17 am on Monday, BSE SENSEX was trading at 74,721.20, over 435 points up, while Nifty 50 was at 23,391.55, 46.65 points or 0.20 per cent up.
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Stock market indices Sensex and Nifty opened in green on Monday even as elevated crude oil prices kept investors worried about their impact on inflation and interest rates.
At 9:17 am on Monday, BSE SENSEX was trading at 74,721.20, over 435 points up, while Nifty 50 was at 23,391.55, 46.65 points or 0.20 per cent up.
GIFT Nifty futures were at 23,338 points as of 7:49 am, indicating a flat start for the benchmark Nifty 50 index, which closed at 23,346.4 on Friday, according to figures cited in a Reuters report.
Last week, the Nifty 50 and the BSE Sensex logged a sixth straight weekly fall, their longest losing streak in six years.
Trump warns Iran
Iran and the United States exchanged new threats on Sunday, with President Donald Trump warning Iran would fail economically or face its leadership being wiped out if it didn't make a deal, while the Iranian military said it would retaliate harshly to any fresh attack.
The conflict has looked stalemated for months, with no sign either side was ready for concessions even as it has deepened a global energy crisis, cratered swathes of Iran's economy and spilled over into new regional escalations.
Crude oil price
However, Brent crude futures eased 2.2 per cent to $101.6 per barrel as investors eyed a recovery in shipments from Saudi Arabia despite ongoing attacks by Yemeni Houthis that have escalated tensions in the Middle East.
"Brent crude's retreat offers some relief, but prices remain elevated as the unresolved Middle East conflict leaves the market vulnerable to renewed flare-ups and supply disruptions," Reuters quoted as saying Hariselvan Radhakrishnan, founder and CEO of HST Wealth.
Investor focus will also be on the primary market as the National Stock Exchange of India's $2.3 billion initial public offering will close for subscriptions later in the day.
Meanwhile, foreign investors bought Indian shares worth 6 billion rupees ($62.55 million) on Friday, according to provisional data, following six straight sessions of net selling.
They have sold $2.20 billion worth of shares so far in September, taking the year-to-date outflows to $26.26 billion.
