Indian stock markets open flat amid rising crude oil prices and US inflation data

Indian stock markets began Monday, August 10, on a flat note, with the Sensex and Nifty showing minor fluctuations in early trade. Investors are keeping a close watch on rising crude oil prices and geopolitical tensions between the US and Iran. Additionally, this week’s US inflation data is expected to play a crucial role in shaping market sentiment.

On Friday, the Sensex had closed 0.59% lower at 78,491, while the Nifty 50 slipped 0.32% to settle near 24,557. Analysts suggest that the Nifty is currently trading within a narrow range, with 24,700-24,800 levels acting as key resistance. If the index remains below this zone, the market may continue to trade sideways for some time. On the downside, 24,400-24,300 levels are being seen as critical support.

Among individual stocks, Titan and Tech Mahindra saw buying interest in early trade, while IT stocks also attracted investors. Other shares in focus today include SBI, Hindustan Copper, Vodafone Idea, ZEEL, Hitachi Energy India, and Ola Electric.

Crude oil prices remain a major concern for the market. Brent crude has climbed to approximately $85 per barrel due to uncertainty surrounding the Strait of Hormuz and delays in normalizing oil supply from the region. For India, a major oil-importing nation, sustained high crude prices could impact inflation, corporate costs, and the country’s import bill.

Meanwhile, US inflation data, set to be released this week, is another critical factor for global markets. Investors are eager to assess the direction of inflation in the US and its potential influence on future interest rate decisions by the Federal Reserve.

Overall, Monday’s trading reflects cautious sentiment in the Indian markets. While elevated crude prices and Middle Eastern tensions weigh on gains, IT stocks and select large-cap shares are providing some support. Key factors like crude oil prices, US inflation data, foreign investor activity, and Nifty’s movement around the 24,700-24,800 zone are expected to guide market trends in the coming days.