Sensex, Nifty set for muted open today due to higher-for-longer crude oil prices

India's equity benchmarks—the S&P BSE Sensex and the NSE Nifty 50—are likely to open little changed today, amid expectations of elevated volatility due to higher-for-longer crude oil prices.

The National Stock Exchange building in Bandra Kurla Complex, Mumbai. (Livemint)

GIFT Nifty futures traded between an intraday high of 23,547.50 points and an intraday low of 23,444.50 points, versus previous day's close of 23,568.50 , indicating the Nifty 50 will open near Monday's close of 23,408.8.

Brent crude hovered around $103 a barrel on supply concerns, with the Strait of Hormuz mostly shut and US allies refusing to send warships to help tankers navigate the key chokepoint that handles about 20% of global oil supplies.

Brokerages Citi and Nomura lowered their year-end Nifty targets on Monday, citing the impact of the surge in crude prices on India's growth and corporate earnings.

The Nifty and Sensex have fallen about 7% each so far this month, as investors assessed the fallout from the U.S.-Israeli war on Iran.

Foreign investors sold shares worth ₹9,366 crore on Monday, provisional data showed, in their twelfth straight session of selling. Outflows this month have reached $6.9 billion.