Indian equities are likely to begin Thursday’s session on a cautious note as the escalation in the Middle East conflict keeps crude oil prices above the $100-per-barrel level. The GIFT Nifty was indicating a muted opening after the domestic benchmarks closed at three-month lows in the previous session.
The Sensex declined 813.35 points to 74,764.23, while the Nifty 50 fell 203.60 points to 23,431.50 on Wednesday. Both indices have now declined in seven of the past eight sessions, losing around 3.1% during that period.
Higher crude prices are a concern for India because of its heavy dependence on imported oil. Investors are also watching US economic data and the Federal Reserve’s upcoming policy decision, as higher energy prices could add to inflationary pressures
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