Sensex Begins Week Lower

India’s BSE Sensex fell about 0.2% to 78,348 on Monday, extending losses from the previous session as investors weighed rising oil prices against easing expectations for a near-term US Federal Reserve rate hike. Investor sentiment received some support from weaker-than-expected US jobs data, which reduced expectations of an imminent Fed Reserve rate hike. The positive global backdrop was partly offset by higher crude prices. Brent crude rose around $84.5 a barrel as uncertainty over the reopening of the Strait of Hormuz continued. Traders will also be watching how the new closing auction behaves as the market enters another week of trading. Among stocks, Titan will be in focus after a sharp rise in quarterly profit, while Dr. Reddy’s ended its distribution agreement with Novartis India. Oil India’s profit more than tripled, while Ola Electric narrowed its first-quarter loss. Top losers were State Bank of India (-1.6%), Kaynes (-1.5%), Cupid (-0.5%), and Hindalco (-0.5%).





