13.07.202604:32:14UTC+00Sensex Opens Lower to Start the Week

India’s BSE Sensex slipped about 0.5% to 77,166 on Monday, erasing gains from the previous session, as rising tensions in the Middle East and Iran’s renewed threat to close the Strait of Hormuz drove crude oil sharply higher and dampened risk appetite. Brent crude advanced more than 4% to around $79 per barrel, stoking worries about inflation and the prospect of prolonged or higher global interest rates.

The downside was partially limited by robust earnings from TCS and sustained foreign portfolio inflows. Overseas investors bought Indian equities worth 26.04 billion rupees on Friday and have accumulated roughly $1.6 billion so far in July, following four consecutive months of net outflows.

Corporate earnings remained in focus. LTM reported double-digit growth in both revenue and profit, while Avenue Supermarts also posted higher revenue and earnings. Among early movers on the equity front, Just Dial gained 10.2%, Avantel rose 5.4%, Vedanta climbed 4.4%, and Goldiam advanced 2%.