Indian Indices Soar as Crude Oil Prices Ease
The Indian benchmark indices opened higher on Monday despite muted cues from GIFT Nifty, as easing oil prices supported sentiment. The Sensex jumped over 400 points and the Nifty held above 23,360. Crude oil prices corrected for a fourth straight session, with Brent falling to USD 101 per barrel against Friday's settlement of USD 103.87 per barrel.
According to Anindya Banerjee of Kotak Securities, Aramco has sold around 60 million barrels through the Strait of Hormuz, helping Gulf exports recover to 1-1.5 million barrels per day. This has eased supply fears and narrowed the Brent spread to around USD 21 from about USD 30 in mid-month.
Market analyst Vipin Dixit noted that the Indian market is starting the week on a cautious but relatively stable note, with crude cooling being the biggest positive trigger. He added that the Nifty faces an immediate hurdle at 23,400 and would consider the broader structure to be in recovery attempt rather than a confirmed reversal until this level is decisively reclaimed.