The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Monday, 31 August, amid weak overnight global cues.

Asian markets mostly declined on Monday, while US stock futures also slipped after the US struck Iranian rocket launchers on Larak Island in the Strait of Hormuz, raising concerns about a fresh escalation in tensions.

On Friday, the Sensex and Nifty 50 ended higher, snapping a two-session losing streak as positive global cues and softer crude oil prices supported investor sentiment.

Domestic Market Recap

On Friday, Indian indices ended green:

• Sensex gained by 331 points (0.43%) to close at 77,264.51.
• Nifty 50 moved up by 85 points (0.35%) to settle at 24,175.65.

Gift Nifty

Gift Nifty was trading near 24,245, around 96 points lower than the previous Nifty futures close, hinting at a negative start for Indian markets.

Overnight Wall Street Performance

• The Dow Jones Industrial Average slumped by 9.45 points (0.01%) to close at 53,559.99.
• S&P 500 was down by 19.23 points (0.25%), ending at 7.711.76.
• The Nasdaq Composite was lower by 138.93 points (0.52%), finishing at 26,402.42.

Crude Oil Prices

• Brent crude gained by 1.23% to $89.18/barrel
• US West Texas Intermediate (WTI) crude was trading 1.10% higher at $84.32/barrel

Overnight Major Global Events Driving Sentiment

1. US-Iran War: US forces targeted two Iranian launchers on Larak Island in the Strait of Hormuz on Sunday, marking the first reported American strikes in the Gulf since late July. Iran responded by attacking two US military bases in Jordan, according to Iranian media reports on Monday, citing the Islamic Revolutionary Guard Corps (IRGC).

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