New Delhi, Aug. 31 -- Stocks to buy for the short term: Higher oil prices amid fresh escalation in tensions between the US and Iran and rising bond yields in the US after Federal Reserve Chair Kevin Warsh's hawkish tone at the Jackson Hole symposium weighed on stock market sentiment, driving the benchmarks, the Sensex and the Nifty 50 lower by up to 0.80% in morning trade on Monday, 31 August.

Iran launched strikes early Monday after US forces struck Iranian rocket launchers on the Strait of Hormuz in their first military action in a month on Sunday. This drove Brent crude futures up by 3%, bringing them near $91 per barrel.

On the technical front, the Nifty briefly breached below the crucial 24,000 mark during Monday's session, hitting...