Brent Crude Falls Below $101, Boosting Indian Equities

Indian equities closed higher on Monday as Brent crude prices fell below $101 a barrel. This decline in oil prices eased concerns over inflationary pressures in oil-importing economies, supporting domestic stocks.

The Sensex jumped 564.03 points, or 0.76%, to close at 74,858.99, while the NSE Nifty gained 67.90 points, or 0.29%, to end at 23,414.30.

Ajit Mishra, SVP, Research at Religare Broking, said that 'markets extended their recovery on Monday... with the Nifty gaining for the fourth consecutive session as easing crude prices and bargain buying supported sentiment following the recent six-week correction.'

The Brent crude price decline of 3.5% was due to expectations of a gradual recovery in Saudi oil shipments. Global cues turned supportive, and foreign institutional investor flows remained in focus amid global uncertainties.