Crude Price Crash Lifts Indian Market Sentiment Amid Ongoing US-Iran Tensions
India's equity market rebounded on Monday after a dismal week, as easing geopolitical tensions in West Asia and falling crude oil prices lifted investor sentiment.
The BSE Sensex gained 776.01 points or 1.02% to settle at 76,835.78, while the NSE Nifty 50 advanced 228.50 points or 0.96% to close at 23,995.95.
Brent crude oil prices fell more than 10% on Monday to below $88 a barrel amid a pause in military strikes between the US and Iran after briefly hitting $100/barrel on Friday.
Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, said that Indian equities are witnessing a short-term relief due to de-escalation in West Asia and the resultant fall in crude oil prices providing interim support.
Khemka also noted that the investor sentiment improved on expectations that the US Federal Reserve will keep policy rates unchanged.