Oil prices remained elevated on Wednesday as investors assessed fresh risks involving Saudi Arabia, Yemen’s Houthi group and the wider Middle East conflict. Brent crude rose around 1% to approximately $101.65 a barrel, while US crude moved above $90 a barrel.
Indian equity benchmarks opened lower on Wednesday, October 7, as investors remained cautious ahead of the Reserve Bank of India’s monetary policy decision. The Sensex declined 439.86 points, or 0.60%, to 72,627.95, while the Nifty 50 fell 161.10 points, or 0.71%, to 22,615 in early trade.
Indian benchmark indices opened higher on Tuesday, October 6, extending the recovery seen in the previous session. At around 9:18 a.m., the Nifty 50 was up 0.11% at 22,581.25, while the Sensex gained 0.10% to 72,445.54.
Gold prices remained broadly steady in early trade on October 6, with international spot gold holding above $4,128 per ounce. In the domestic market, gold had closed at around Rs.1,47,466 per 10 grams on October 5, while silver rose by more than 1% to approximately Rs.2,23,815 per kg.
Crude oil prices remained around the $100-per-barrel level on Tuesday as markets continued to assess developments in the Middle East. Brent crude rose around 0.3% to $100.59 a barrel, while US West Texas Intermediate crude gained 0.3% to $89.73.
Indian equity markets are expected to open higher on Monday after both the Sensex and Nifty 50 recorded their eighth consecutive weekly decline last week.
The Indian rupee is expected to open slightly stronger after ending the previous session at Rs.96.3150 against the US dollar. The currency has remained under pressure after moving beyond the Rs.96-per-dollar level, with high US Treasury yields and elevated crude prices weighing on sentiment.
Several Asian markets opened higher on Monday after weaker US employment data reduced expectations of another Federal Reserve rate hike. Japan’s Nikkei gained more than 2%, while Australia’s benchmark also moved higher during early trading.
Gold and silver prices gained in early trading on Monday. Domestic gold was reported around Rs.1,50,570 per 10 grams, while silver was around Rs.2,26,630 per kg.
Brent crude prices eased to around $101.6 per barrel on Monday as higher Middle East exports and plans by G7 countries to release emergency oil stocks reduced some immediate supply concerns.
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