The Nifty50 and the Sensex retreated from day’s low as traders continued to monitor the developing situation in the Middle East.
The Nifty50 was trading 0.38 per cent or 86.20 points down at 22,882.05, and the Sensex was trading 0.37 per cent or 276.84 points down at 73,869.98.
US President Donald Trump called the proposal for a ceasefire with Iran ‘not good enough’ as his deadline approaches. He warned Iran over the weekend that the US will attack their power plant and civilian structures if the Gulf country doesn’t open the Strait of Hormuz completely.
On the domestic front, market participants also exercised caution ahead of the outcome of the Reserve Bank of India’s Monetary Policy Committee meeting, scheduled to be announced on Wednesday.
Among sectors, the Nifty Auto fell 2 per cent to become the worst performer. The Nifty Bank and the Nifty PSU Bank also underperformed
Bucking the trend, the Nifty Metal and the Nifty Media outperformed.
Brent crude’s April contract rose 0.5 per cent to $110.32 per barrel on the Intercontinental Exchange as market participants anticipate further escalation, hurting supply from the Middle East region.
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