Stocks● Neutral
Indian Stocks Drop; Oil Above $96, Earnings Offer Some Hope
India's Sensex fell to 76,391, its fourth straight decline. Brent crude topped $96 a barrel after the Strait of Hormuz closure. Positive Q1 earnings offer some support. The oil shock still dominates.
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The Sensex dropped for a fourth straight session on Thursday, closing at 76,391. Brent crude topped $96 a barrel after the Strait of Hormuz shut again. The closure followed continued US strikes on Iran and Iranian counterattacks on US facilities in the Gulf, the Mint editorial board wrote.
India imports most of its oil. A sustained price above $96 would swell the import bill and renew pressure on the rupee, the board said. That spillover weighs on businesses and explains the subdued stock market sentiment.