Indian benchmark indices BSE Sensex and Nifty 50 erased their early gains on Monday as investor sentiment weakened amid concerns over a possible disruption in global oil and gas supplies.
Among the top gainers on the Nifty50 were UltraTech Cement, Grasim Industries, JSW Steel and InterGlobe Aviation. Broader markets, however, underperformed the benchmarks. The Nifty Midcap 100 slipped around 0.28 per cent, while the Nifty Smallcap 100 declined nearly 0.75 per cent.
Sector-wise, the Nifty Realty emerged as the worst-performing sectoral index soon after the opening bell, while the Nifty FMCG outperformed most other sectors.
Global cues weigh on sentiment
Most Asia-Pacific markets traded lower in early deals on Monday as investors remained cautious amid worries that elevated energy prices could hurt inflation and economic growth. Japan’s Nikkei 225 and South Korea’s Kospi were down about 0.73 per cent and 0.20 per cent respectively during early trade.
Wall Street had also closed lower in the previous session. On Friday, the S&P 500 declined 0.61 per cent, while the Dow Jones Industrial Average slipped 0.26 per cent. The decline came as Brent crude prices remained above the $100-per-barrel mark following the closure of the Strait of Hormuz, a key transit route for global crude shipments.
Oil prices stayed firm in the Asian session, with Brent crude holding above $100 per barrel amid rising concerns over the safety of oil infrastructure in Iran. According to reports citing Mike Waltz, Donald Trump is considering options to target oil facilities at Kharg Island.
Brent crude’s May futures contract was trading about 0.50 per cent higher at $103.75 per barrel on the Intercontinental Exchange.
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