Indian Equities Rebound from Lows Amid Crude Oil Price Surge
Indian equity benchmarks Sensex and Nifty 50 rebounded from near six-month lows on Tuesday, despite crude oil prices soaring to $107 a barrel. The NSE Nifty 50 traded 0.29% lower at 22,715.00, while the BSE Sensex shed 0.35% to 72,522.09 by mid-morning trade.
The rebound was modest and came after both indices tumbled as much as 0.9% earlier in the session, touching their lowest levels since early April. The steep sell-off on Monday saw the Sensex plunge over 1,100 points.
Rising US 10-year Treasury yields and elevated crude oil prices are weighing heavily on market sentiment, Spark Midas Equities and Research said. Analysts noted that while the overall technical structure remains negative, daily momentum indicators lingering in oversold territory have opened the door for a modest intraday pullback.