Indian Stock Market Surges as Brent Crude Prices Fall Below $93
Benchmark stock market indices in India opened sharply higher on Monday, snapping a five-session losing streak. The BSE Sensex surged 568.91 points, or 0.75%, to 76,628.68, while the NSE Nifty50 gained 149.85 points, or 0.63%, to 23,917.30.
The rally came as Brent crude slipped below $93 a barrel after briefly crossing the $100 mark last week, easing concerns over inflation, India's import bill and corporate profitability. Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said the decline in oil prices has significantly improved market sentiment.
'The sharp dip in Brent crude price from $102 four days ago to around $93 this morning is a sentiment positive for the market,' he said. If the de-escalation of the West Asia conflict holds and crude price drifts lower, that can sustain a mild rally in the market.'