Muted Start for Sensex, Nifty as Oil Rally Hits Markets; HDFC Bank Slides
Muted Start for Sensex, Nifty as Oil Rally Hits Markets; HDFC Bank Slides
Indian stocks open cautiously as oil climbs on US-Iran tensions; HDFC Bank dips while YES Bank climbs, with investors watching Brent around $95 and key resistance levels.
Indian equities opened the week on a cautious note as global oil prices surged on renewed US-Iran tensions. Brent crude jumped over 7% at one point, lifting the price to around $95 a barrel and fueling concerns about energy supply disruptions. At 9:16 am, the Sensex stood at 78,371.81, down 121.73 points or 0.16%, and the Nifty was at 24,288.55, down 37.15 points or 0.15%. A second round of US–Iran negotiations is scheduled to begin today, but Tehran has rejected participation, keeping the ceasefire deadline set for Tuesday with little room for a clear extension. Analysts noted the interaction between geopolitical developments and energy prices is keeping markets on a tight leash early in the session.
HDFC Bank shares slid 1.13% to Rs 790.85, while ICICI Bank rose about 1% to Rs 1,361. YES Bank moved up 1.19% to Rs 20.44. Oil Marketing Companies showed mixed moves as Brent’s jump added to the domestic volatility backdrop. The broader read of the day suggests traders are weighing the immediate impact of higher oil against the resilience of select financials and the pace of domestic economic indicators.
Analysts highlighted the mood is cautious, with attention on whether the market can sustain momentum beyond key resistance zones. A second piece of context comes from market watchers noting that the Nifty has shown some momentum but faces resistance in the 24,300–24,700 range. Meanwhile, fresh quarterly results from Jio Financial Services show the NBFC segment scaling well, with assets under management crossing Rs 25,000 crore, though other segments have been slower to gain traction.
Brent futures for June delivery traded around $95.22, up 5.36%, underscoring lingering energy risks. VK Vijayakumar, Chief Investment Strategist at Geojit, cautioned that while there is no panic in crude markets, the possibility of further volatility persists if the geopolitical narrative evolves. The backdrop is one of uncertain energy supply dynamics shadowing what is otherwise a selective stock-picking environment.
