Sensex Retreats as Oil Prices Climb

India’s BSE Sensex fell about 0.5% to 76,898 on Monday, reversing last session’s gains as rising oil prices, escalating Middle East tensions and caution ahead of the MSCI reshuffle weighed on sentiment. Brent crude climbed towards $90 a barrel following the latest US-Iran escalation, raising concerns for oil-importing India. The MSCI reshuffle takes effect September 1, with Laurus Labs, Lenskart, Adani Energy Solutions and Groww joining, while Balkrishna Industries, SBI Cards and Astral will be removed. Reliance Industries’ weight will fall, while Adani Enterprises’ will rise. The IT index was among the biggest decliners, with Infosys, Persistent and Mastek falling 2.2%-3%. Other laggards included Reliance (-1.2%), Tempsens Instruments (-3.4%) and Netweb (-2.7%). HDFC Bank gained about 1.9% after CEO Sashidhar Jagdishan said he would not seek a third term in October. Bernstein viewed the leadership change positively, giving the lender an opportunity to reset its strategy.






