At 6:35 AM, GIFT Nifty futures indicated a weaker start for the markets, trading 56 points lower at 23,321.5
In previous trading session, the Sensex plunged 1,048.90 points, or 1.36 per cent, to close at 76,330.01. Similarly, the Nifty50 dropped 345.55 points, or 1.47 per cent, ending the day at 23,085.95
Brent crude futures climbed $1.48, or 1.86 per cent, to $81.24 a barrel by 0113 GMT after hitting an intraday high of $81.49, the highest since August 27
At 6:32 AM, GIFT Nifty futures indicate a gap-down opening for the markets, trading 160 points lower at 23,341
On Wednesday, Brent crude was down around 1.2 per cent to $76.16/bbl, while US West Texas Intermediate crude fell around, or 1.05 per cent, to $73.47/bbl
In the previous session, the Sensex ended at 78,141.06, registering a decline of 58 points or 0.07 per cent, while the Nifty50 closed at 23,688.95, down 19 points or 0.08 per cent
At 6:31 AM, GIFT Nifty futures indicated a subdued start, trading 72 points lower at 23,723, suggesting a negative opening for Indian bourses
Early signs indicate a positive opening for the markets. At 6:37 AM, GIFT Nifty futures were trading 51 points higher at 23,772, pointing to a higher start for the bourses
However, a stronger US dollar capped oil price gains. The US currency has been boosted by expectations that the incoming Donald Trump administration's policies will boost growth and lift inflation
In the previous trading session, the benchmark indices ended their five-day winning streak in response to the RBI Monetary Policy Committee's decision to maintain the repo rate at 6.5 per cent
The meeting was originally scheduled for December 1, 2024. A handful of Opec members are set to gradually bring 2.2m b/d of supply back onto the market next year
Thus far in calendar year 2024 (CY24), Brent crude oil prices hit a low of around $69 a barrel before breaching the $91 a barrel mark in April 2024 as geopolitical concerns rose
Brent crude futures settled at $71.83 a barrel, down $2.04 or 2.76 per cent . US West Texas Intermediate crude futures finished at $68.04 a barrel, down $2.34, or 3.32 per cent
Oil price today: Crude oil prices tumbled 6 per cent on Monday, with Brent settling under $72 and WTI at $67.38
The imposition of windfall tax on crude oil was introduced in 2022 to address excessive profits during high prices
Brent crude futures gained 23 cents, or 0.3 per cent, to $74.68 a barrel by 0840 GMT, while US West Texas Intermediate crude was at $70.96 a barrel, up 29 cents, or 0.4 per cent
A deterioration in the geopolitical situation is the biggest risk to global equity markets, Wood said, which he believes is not yet fully discounted by them
Oil prices have fallen in 2024 with Brent crude last month slipping below $70 a barrel for the first time since 2021, pressured by concern about global demand and rising supply outside Opec+
With Israel looking to carry out its offensive against Hezbollah to the next level, traders will monitor the evolving situation in Middle East closely for possibility of disruptions to oil supplies.
Here's a technical outlook on stocks linked to crude oil prices, which is down 23% from its peak and trades near 3-year lows. Among stocks, Asian Paints and MRF look favourable on charts; here's why.