Sensex gains 490+ points, breaks 6-week gloom as crude oil prices ease
Rupee appreciation, FII inflows added to crude oil relief as Indian stock markets gain significant ground on Monday morning
Indian stock market rebounds with Sensex and Nifty surging, driven by cooling crude oil prices, a strengthening rupee, and the return of foreign institutional investors after a six-week losing streak. Here is the full coverage of the morning moves.
Indian stock market rebounds with Sensex and Nifty surging, driven by cooling crude oil prices, a strengthening rupee, and the return of foreign institutional investors after a six-week losing streak. Here is the full coverage of the morning moves.
Indian stock market rebounds with Sensex and Nifty surging, driven by cooling crude oil prices, a strengthening rupee, and the return of foreign institutional investors after a six-week losing streak. Here is the full coverage of the morning moves.
The Indian stock market kicked off the new trading week on a green note on Monday morning, with the benchmark BSE Sensex index bouncing back from a six-week losing streak.
This turnaround was mostly due to cooling global crude prices, a strengthening rupee, and a welcome return of foreign institutional investors.
The 30-pack Sensex rallied more than 492 points to touch a morning high of 74,787.26, while the 50-share Nifty gained at least 64 points to hit a 23,410.75 high.
The sharp retreat in international energy markets, especially with Brent crude shedding 2 per cent to trade near $101.5 dollars a barrel, helped ease market anxieties. The rupee, too, gained ground from this development, appreciating by 24 paise in early trade to reach 95.72 against the dollar.
FIIs had already turned net buyers on Friday by bagging equities worth almost ₹600 crore, taking a break from what was a spell of relentless capital outflows.
Early Monday gainers on the Sensex included UltraTech Cement, InterGlobe Aviation, Asian Paints, and Sun Pharma.
Asian positive market trend added to further positivity.
However, the morning surge did find some sectoral drag in tech giant Infosys and infra heavyweights like Adani Ports. Moreover, secondary market liquidity continues to be a concern due to intense primary market activity—National Stock Exchange’s massive ₹22,569-crore initial public offering closes for subscription later today.
Market watchers would also be on the lookout for diplomatic friction between the United States and Iran.