Mumbai: Market benchmark indices Sensex and Nifty were trading on a flat note in early deals on Thursday, September 10, as elevated crude oil prices above USD 100-per-barrel mark, amid persistent geopolitical tensions, kept risk appetite subdued.
The 30-share BSE Sensex was marginally up 38.07 points to 74,809.95 in early trade. The 50-share NSE Nifty advanced 9.85 points to 23,439.20.
Among the 30 Sensex firms, Tech Mahindra, Axis Bank, State Bank of India, Power Grid, ITC and Infosys were the winners.
Mahindra & Mahindra, Adani Ports, Reliance Industries, Sun Pharma, InterGlobe Aviation and Bharat Electronics were among the laggards.
Brent crude, the global oil benchmark, traded 0.20 per cent lower at USD 101-per-barrel.
“Indian equities are expected to remain under pressure as elevated crude oil prices and rising US Treasury yields, amid persistent geopolitical tensions, continue to cloud the global macroeconomic outlook,” Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm, .
The combination of elevated energy prices and firming bond yields is likely to keep risk appetite subdued and weigh on emerging-market equities, including India, he added.
“While US President Donald Trump said the conflict with Iran could end immediately after the midterm elections, the lack of clarity over the path to de-escalation is keeping investors cautious and the geopolitical risk premium firmly embedded in energy markets,” Ponmudi added.
Looking ahead, investors will closely watch upcoming US inflation data for fresh clues on the Federal Reserve’s policy trajectory, he noted.
In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index traded lower.
US markets in negative territory on Wednesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 582.99 crore on Wednesday, according to exchange data.
On Wednesday, the Sensex tanked 813.35 points, or 1.08 per cent, to settle at the day’s low of 74,764.23. The Nifty declined 203.60 points, or 0.86 per cent, to end at 23,431.50.
Follow on Twitter | Edited by Neha Khan | 
