Indian equity benchmarks lower on Mideast tensions

MUMBAI: India’s equity benchmarks inched lower on Monday, tracking Asian peers, as investors assessed the likelihood of Iran’s response to the United States’ bombing of its nuclear sites.

The indexes pared some losses as Brent crude oil futures retreated below $77 per barrel, after hitting a five-month high earlier.

The Nifty 50 closed 0.56% lower at 24,971.9 and the BSE Sensex fell 0.62% to 81,896.79, after trading as much as 1.1% lower earlier in the session.

The US index futures too recovered, while the MSCI Asia ex Japan was down 0.8%, trimming some losses.

Higher crude oil prices are a negative for India, which depends heavily on imports for its energy requirements, as they could stoke inflation and widen the fiscal deficit.