MUMBAI: Indian equity benchmarks ended little changed on Monday, as earnings-fuelled gains in banks were offset by concerns that the ceasefire between the US and Iran might not hold.
The US seized an Iranian cargo ship that tried to run its blockade and Iran vowed to retaliate as efforts to build a more lasting peace in the region appeared under threat, with Tehran saying it would not participate in a second round of talks. The ceasefire between the two sides ends on Tuesday.
Brent Crude oil rose to USD95 per barrel. India imports a bulk of its crude and gas requirements and a prolonged spike in prices could worsen the growth and inflation outlook for the economy.
“The market undertone is positive thanks to strong earnings from banks and a slight improvement in news flow from the Middle East,” said Anita Gandhi, head of institutional business at Arihant Capital Markets.
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