Both the Nifty and the Sensex began the trading day on a flat note. The Nifty opened at 22,964.50 and the Sensex opened at 74,199.69. Most sectoral indices opened marginally lower. The Indian rupee opened at 95.22 to the dollar versus Thursday's close of 95.26 to the dollar. Brent crude prices surged to near $118 per barrel (at the time of filing this copy), approaching a six-month high amid concerns over global oil supplies and geopolitical tensions.
\n\nTensions escalated across the Middle East as explosions were reported in Saudi Arabia's capital, Riyadh, as the country's air defences intercepted two ballistic missiles launched by Houthis, while Iran said at least four tankers had struck naval mines in or near the Strait of Hormuz, with three catching fire.
\n\nV K Vijayakumar, Chief Investment Strategist, Geojit Investments told ANI, "the crude oil headwind is getting stronger with Brent rising above 117 dollars per barrel. There are reports of the US likely resuming strikes against Iran after the mid-term elections which is due on November 3rd. Even though FII selling has turned weak with occasional buys in recent days, the market construct appears unfavourable for a rally."
\n\n"An interesting trend is the rally in…
Original source: https://www.timesnownews.com/business-economy
