Indian Stock Market Poised for Strong Start as Oil Prices Plummet
The Indian stock market is expected to have a strong start this week, according to the GIFT Nifty index, which rose nearly 150 points on Monday morning. This signals that Indian equities may begin the week on a positive note as easing geopolitical tensions and the sharp correction in crude oil prices improve global risk sentiment.
The GIFT Nifty was trading at 23,958 around 8:00 am, up 130 points or 0.55 percent, indicating that the Nifty 50 could open well above Friday's close of 23,767.45. This comes after Indian equities extended their losing streak to a fifth consecutive session on Friday.
The sharp fall in crude oil prices was driven by the apparent pause in hostilities between the US and Iran, which reduced fears of prolonged supply disruptions. Brent crude dropped 5.2 percent to $91.73 a barrel, while US West Texas Intermediate crude fell 5.4 percent to $84.45.