Indian Equity Markets Soar on Crude Oil Price Plunge
The Indian equity markets opened higher on Monday, boosted by falling crude oil prices. The Sensex surged over 549 points to 76,608.98, while the Nifty gained 160.95 points to 23,928.40.
All sectoral indices traded in positive territory during the opening session, with the Nifty MidSmall Financial Services index emerging as the top gainer at 1.29 per cent. The Nifty IT index advanced 1.25 per cent, followed by the Nifty Media and FMCG sectors.
The sharp decline in Brent crude prices from $102 four days ago to around $93 on Monday morning has been cited as a key positive for market sentiment. Market experts 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.