Indian Stock Markets Rebound Amid Easing Crude Oil Prices
Stock markets in India rebounded in early trade on September 23 amid easing crude oil prices, although foreign investor selling remained a key headwind for domestic equities. The 30-share BSE Sensex climbed 283.66 points to 74,812.74, while the 50-share NSE Nifty was up 85.55 points to 23,414.55.
The moderation in crude prices offered some relief on the broader macroeconomic front, particularly for India given its dependence on imported energy. According to Ponmudi. R, CEO of Enrich Money, an online trading and wealth-tech firm, 'The moderation in crude prices offers some relief on the broader macroeconomic front, particularly for India given its dependence on imported energy.'
Bajaj Finance, Bajaj Finserv, Tata Steel, UltraTech Cement, Larsen & Toubro, and Asian Paints were among the winners. However, Tata Consultancy Services, Infosys, HDFC Bank, and Mahindra & Mahindra were among the laggards.
The Brent crude price traded 0.97% lower at $98.29 per barrel. Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,809.99 crore on September 22.