Indian stocks muted as Iran war worries offset IT gains

MUMBAI: India’s equity benchmarks closed flat on Monday as persistent concerns over the impact of the Iran war offset a partial rebound in IT stocks.

Broader sentiment remained weak amid worries over a weakening rupee, elevated energy prices, rising bond yields and escalating tensions linked to the Iran conflict.

A drone strike caused a fire at a nuclear power plant in the United Arab Emirates, while Saudi Arabia said it intercepted three drones. US President Donald Trump warned Iran must act “fast” after efforts to end the US-Israeli war with Iran appeared to stall.

The Nifty 50 closed 0.03 percent higher at 23,649.95, and the BSE Sensex added 0.1 percent to 75,315.04. The indexes fell as much as 1.4 percent during the session.

The rupee hit a record low and closed at 96.35 per dollar.

Eleven of the 16 major sectors fell, while small-caps and mid-caps lost 1.3 percent and 0.2 percent, respectively.