India's Nifty 50 Sees Modest Gains Amid Ongoing Oil Supply Disruptions

India's Nifty 50 index experienced a slight increase of 0.16%, reaching 23,187.75 in early Monday trading. According to NS3.AI, this rise occurred as Brent crude prices remained above $100 per barrel, with the Strait of Hormuz still closed to commercial tanker traffic. Brent May futures were trading at $101, having previously reached $103.27 in pre-market activity following three weeks of conflict. The report highlighted that approximately 1,000 tankers were stranded, leading to a reduction in global oil supply by about 8 million barrels per day this month. Additionally, foreign institutional investors continued their selling streak, offloading ₹10,716.64 crore of Indian equities on March 13, following a significant sell-off on Friday.