Crude Price Drop Fuels Indian Equity Markets Rally

Indian equity markets started the day on a positive note Monday, July 27, driven by a sharp decline in crude oil prices. The benchmark indices, Sensex and Nifty, rose significantly with Sensex opening at 76,608.98, up 549.21 points or 0.72 per cent.

The Nifty, on the other hand, gained 160.95 points or 0.68 per cent to reach 23,928.40. All sectoral indices traded in positive territory during the opening session with Nifty MidSmall Financial Services emerging as the top gainer at 1.29 per cent.

Market experts attributed the rise to the decline in Brent crude prices from $102 four days ago to around $93 on Monday morning. They believe that if the de-escalation of the West Asia conflict holds and crude price drifts lower, it can sustain a mild rally in the market.