The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Monday after crude oil prices tumbled 5% overnight as the US and Iran paused military strikes over the weekend, boosting global risk sentiment.

Asian markets traded higher, while the US stock market rallied on Friday, with the Nasdaq gaining around 1% as investor sentiment improved.

The Indian stock market extended its losing streak to a fifth consecutive session on Friday as elevated crude oil prices, driven by the US-Iran conflict, continued to weigh on investor sentiment.

Domestic Market Recap

On Friday, Indian indices ended in the red:

• Sensex slumped by 332 points (0.43%) to close at 76,059.77.
• Nifty 50 moved down by 102 points (0.43%) to settle at 23,767.45

Gift Nifty

Gift Nifty was trading near 23,934, around 127 points higher than the previous Nifty futures close, hinting at a positive start for Indian markets.

Overnight Wall Street Performance

• The Dow Jones Industrial Average gained by 235.60 points (0.46%) to close at 51,947.25.
• S&P 500 was up by 3.68 points (0.05%), ending at 7.411.98.
• The Nasdaq Composite was lower by 161.87 points (0.64%), finishing at 24,975.82.

Crude Oil Prices

• Brent crude slipped by 6.28% to $92.18/barrel
• US West Texas Intermediate (WTI) crude was trading 4.98% lower at $84.83/barrel

Overnight Major Global Events Driving Sentiment

1. US-Iran War: The US has not launched any fresh strikes on Iran since late Friday after carrying out military attacks for 13 consecutive days, fueling speculation about President Donald Trump’s next move. Iran’s military also said it had suspended its retaliatory operations, raising hopes of a temporary de-escalation. However, tensions remained elevated after Yemen’s Iran-backed Houthi rebels claimed responsibility for attacks targeting facilities linked to Saudi Aramco in the Red Sea port cities of Jizan and Yanbu on Saturday. Saudi authorities and the state-owned oil producer have not confirmed the claims.

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