India’s BSE Sensex slipped about 0.2% to 78,348 on Monday, extending the previous session’s decline as investors weighed rising crude prices against fading expectations of a near-term interest rate hike by the US Federal Reserve. Sentiment found some support in weaker-than-expected US jobs data, which dampened the likelihood of an imminent Fed move. However, the positive global tone was partially offset by higher oil prices, with Brent crude hovering near $84.5 a barrel amid ongoing uncertainty over the reopening of the Strait of Hormuz.
Traders will also be closely tracking the performance of the new closing auction mechanism as the market heads into another week of trading. On the stock front, Titan is set to remain in focus after reporting a sharp increase in quarterly profit, while Dr. Reddy’s Laboratories drew attention for terminating its distribution agreement with Novartis India. Oil India posted a more than threefold jump in profit, and Ola Electric reported a narrower loss for the first quarter.
Among notable decliners were State Bank of India (-1.6%), Kaynes Technology (-1.5%), Cupid (-0.5%), and Hindalco Industries (-0.5%).
