Shares Edge Up At Pre-Open Pointing To Higher Start Amid Iran Tensions, Elevated Oil

Mumbai, August 24: Indian shares rose at pre open signalling a higher start for benchmarks even as oil stayed elevated as US threatened sanctions against Iran. 

Nifty 50 rose 0.17% and Sensex advanced 0.16% at pre open while Gift Nifty rose 0.4%. 

Nifty 50 and Sensex have declined for a second straight week. 

Energy stocks will be in focus after the regulator cleared plans for around 1,800 km of LPG pipeline infrastructure.  

Spotlight will fall on Meesho where Y Combinator is reportedly eyeing to sell up to a 1.05% stake in the e-commerce company worth around ₹960 crore ($100.32 million). 

Lenskart Solutions may also be eyed as SoftBank is reportedly considering selling as much as a 2.6% stake in the eyewear retailer worth $300 million.  

Asian markets trade lower 

Japan’s Nikkei was flat, while South Korea’s KOSPI declined 1.96%. Hong Kong’s Hang Seng fell 2.08%. 

Investors are cautious ahead of Nvidia’s results later this week.  

Higher US Treasury yields have also kept pressure on Asia. 

US, European futures point to cautious opening 

US stock futures were largely muted. 

S&P 500 and Nasdaq futures were little changed. Investors remain focused on Nvidia’s earnings. 

European equity futures were subdued. Futures for the Euro Stoxx 50, DAX and FTSE indices traded flat. 

Oil prices ease but remain elevated 

Crude oil prices declined on Monday. 

Brent crude futures were down 1.6% at $92.9 a barrel, while US West Texas Intermediate crude declined 1.7% to $85.6. But oil prices remain elevated. 

The US is expected to announce sanctions against Iran.  

Oil flows through the Strait of Hormuz remain severely disrupted, while Iran has threatened action against unauthorised tankers.

 Source

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