Indian Markets Soar as Crude Oil Prices Crash Below $80
Indian stock market benchmarks Sensex and Nifty surged on Wednesday as crude oil prices plummeted by over 1.16% to below $80 per barrel. The 30-share BSE Sensex jumped 397.59 points to 78,826.54 in early trade, while the 50-share NSE Nifty rose 62.7 points to 24,677.60.
The sharp decline in crude oil prices and foreign funds pouring into the market contributed to the market's upward trend. According to exchange data, Foreign Institutional Investors (FIIs) bought equities worth Rs 2,446.47 crore on Tuesday.
Experts believe that the recent recovery of the rupee, supported by softer crude oil prices and improving global risk sentiment, has enhanced the appeal of Indian financial assets. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, stated, 'The sharp dip in Brent crude to below $80 augurs well for the Indian market today.'
The RBI monetary policy decision is also on investors' radar, with many awaiting its announcement shortly.