Indian Markets Bounce Back on Crude Oil Price Drop
The Indian stock markets, Sensex and Nifty, recovered on Tuesday after a sharp drop in Brent crude oil prices below $90/barrel calmed investor sentiment.
Market benchmark indices Sensex and Nifty had been in negative territory for most of the day but bounced back during the fag-end of trading due to fag-end buying. The 30-share BSE Sensex ended higher by 286.98 points, or 0.37 per cent, at 77,656.09.
The 50-share NSE Nifty also ended higher by 115.50 points, or 0.48 per cent, at 24,334.55 due to fag-end buying. Among the 30 Sensex firms, InterGlobe Aviation, Adani Ports, Infosys, Trent, Titan and State Bank of India were the major winners.
Vinod Nair, Head of Research, Geojit Investments Limited, said that 'The much-anticipated US sanctions against Iran fell short of market expectations, causing crude oil prices and bond yields to moderate from their recent peaks.'