Indian Markets Surge on Easing Oil Prices and Global Gains
Indian equity markets opened on a positive note on Friday, with benchmark indices Sensex and Nifty climbing higher in early trade. The rally was driven by easing crude oil prices and a strong trend in global markets.
The 30-share BSE Sensex jumped 162.87 points to 74,483.56, while the 50-share NSE Nifty rose 43.90 points to 23,315.25.
Bharti Airtel, Eternal, Larsen & Toubro, InterGlobe Aviation, HDFC Bank, and Adani Ports were among the top gainers in the Sensex pack.
However, Tata Consultancy Services, Tech Mahindra, Tata Steel, HCL Tech, and Infosys lagged behind. The global oil benchmark, Brent crude, traded 0.93% lower at USD 103.8 per barrel.
Rajesh Palviya, Head of Research at Axis Direct, noted that while global cues have turned supportive, the Federal Reserve's hawkish stance and potential further tightening continue to keep global sentiment cautious.