Indian Stock Market Rebounds Sharply Amid Crude Oil Price Drop

The Indian stock market rebounded sharply from its intraday lows on Friday, with the benchmark equity indices Sensex and Nifty recovering more than 600 points.

The sudden decline in crude oil prices to $98.58 per barrel mark was a key reason behind this recovery. Brent crude had hit the $100 per barrel mark earlier in the trade.

Buying emerged at lower levels, with investors picking up stocks after the sharp correction in recent sessions. This led to value buying in select shares, which helped the market recover from its early losses.

The rupee also appreciated 22 paise to 96.51 against the US dollar, reportedly aided by likely intervention by the Reserve Bank of India to arrest further weakness.