India’s equity benchmarks—the S&P BSE Sensex and the NSE Nifty 50—are likely to open little changed today, amid expectations of elevated volatility due to higher-for-longer crude oil prices.
GIFT Nifty futures traded between an intraday high of 23,547.50 points and an intraday low of 23,444.50 points, versus previous day’s close of 23,568.50 , indicating the Nifty 50 will open near Monday’s close of 23,408.8.
Brent crude hovered around $103 a barrel on supply concerns, with the Strait of Hormuz mostly shut and US allies refusing to send warships to help tankers navigate the key chokepoint that handles about 20% of global oil supplies.
Brokerages Citi and Nomura lowered their year-end Nifty targets on Monday, citing the impact of the surge in crude prices on India’s growth and corporate earnings.
The Nifty and Sensex have fallen about 7% each so far this month, as investors assessed the fallout from the U.S.-Israeli war on Iran.
Foreign investors sold shares worth ₹9,366 crore on Monday, provisional data showed, in their twelfth straight session of selling. Outflows this month have reached $6.9 billion.
Stocks to watch today
- Reliance Industries signs binding agreement with South Korea’s Samsung C&T to supply green ammonia for 15 years in a deal valued at more than $3 billion.
- Tata Motors announces price hikes of up to 1.5% on its commercial vehicles from April 1, citing higher input costs.
- Sagar Cements to sell 7.24% stake in Andhra Cements via offer for sale at a floor price of ₹52 per share.
- Alkyl Amines suspends manufacturing of methylamines and ethylamines at three sites due to non-availability of ammonia amid Iran war.
