Indian Stock Market Surges on Crude Oil Price Drop and FII Buying
The Indian stock market started strong on Monday, with both Sensex and Nifty indices rising sharply in early trade.
The 30-share BSE Sensex gained 470.06 points to reach 78,564.70, while the 50-share NSE Nifty advanced 150 points to 24,532.95.
The gains were driven by a steep fall in crude oil prices, with Brent crude falling 4.97 percent to USD 83.56 a barrel.
This easing of cost pressures and improving risk appetite boosted investor sentiment, with foreign Institutional Investors (FIIs) turning net buyers on Friday, purchasing equities worth Rs 277.48 crore.
Ponmudi R, CEO of Enrich Money, attributed the improved investor sentiment to US President Donald Trump's indication that negotiations with Iran are expected to resume on Monday, reviving hopes of a diplomatic resolution following recent military tensions.