Hello and welcome to our live coverage on stock markets.
The NSE Nifty 50 fell as much as 0.3% to 24,396. The BSE Sensex fell as much as 244 points or 0.3% to 77,910.
Oil prices remained near recent highs on Wednesday as markets assessed conflicting signals over efforts to restore shipping through the Strait of Hormuz. Brent crude was around $89 a barrel after gaining for four straight sessions, while West Texas Intermediate held near $83.
Against that backdrop, Asian stock markets were mixed. South Korea’s Kospi rose 2.02%, while Japan’s Nikkei 225 slipped 0.01% and Australia’s ASX 200 fell 0.40%.
The latest moves in crude followed conflicting signals around the prospects of a deal involving the US, Iran and the strategic waterway. Pakistan’s defence minister said Washington and Tehran were close to reaching “some sort of arrangement” over the Strait of Hormuz, according to Bloomberg.
Separately, Al Jazeera reported, citing a Qatari Foreign Ministry spokesperson, that discussions between Iran and Oman on Hormuz had reached an advanced stage.
Any agreement that enables more vessels to move through the strait could ease concerns over energy supply and put downward pressure on crude prices. The opposite outcome could keep oil elevated and add to inflation concerns for major economies.
US equity futures were largely subdued after Wall Street ended Tuesday with limited gains. Dow Jones Industrial Average futures rose 22 points, or 0.04%, while S&P 500 futures gained 0.07% and Nasdaq-100 futures advanced 0.08%.
Investors are now watching whether the diplomatic efforts translate into an actual reopening of the waterway. The direction of oil prices, in turn, could remain an important driver of global risk sentiment as markets assess the next steps in the US-Iran conflict.
