Crude Oil Price Drop Fuels Indian Stock Market Rally
Stock markets surged in early trade on Monday (August 3) following a sharp decline in crude oil prices. The easing of geopolitical tensions and foreign fund inflows contributed to the optimism.
The Sensex, India's stock market benchmark, jumped 470.06 points to 78,564.70 during initial trade, while the Nifty climbed 150 points to 24,532.95.
Among the major winners were ITC, Bajaj Finserv, InterGlobe Aviation, Bajaj Finance, Tata Consultancy Services, and Infosys, while Sun Pharma and Maruti lagged behind.
Brent crude, the global oil benchmark, traded 4.9% lower at $83.56 per barrel, a significant correction that has supported investor sentiment.
Foreign Institutional Investors (FIIs) bought equities worth ₹277.48 crore on Friday (July 31), indicating a positive trend in market sentiment.