Indian Stock Markets Surge as Crude Oil Prices Plummet Amid Easing Tensions
Stock markets in India rebounded sharply on Monday morning after crude oil prices plummeted amid easing tensions in West Asia.
The BSE Sensex surged by 566 points to 76,608.66, while the NSE Nifty jumped 153.60 points to 23,923.30.
Rajesh Palviya, Head of Research at Axis Direct, attributed the market sentiment improvement over the weekend to the US and Iran pausing military action, easing fears of an immediate supply disruption.
The sharp decline in Brent crude prices from USD 102 four days ago to around USD 93 this morning has provided a significant tailwind for India through lower inflation expectations, improved current account outlook, and reduced pressure on the rupee.