Indian Stocks Gain as Oil Prices Fall on Strait of Hormuz Hopes
Indian stocks posted gains on Wednesday as oil prices declined on hopes that the Strait of Hormuz could reopen. The Nifty 50 rose 0.17% to 24,374.50, while the BSE Sensex gained 0.41% to 77,979.32.
The improvement in global risk sentiment was attributed to easing crude prices and smoother shipping through the Strait of Hormuz. Brent crude fell to $86.3 a barrel after Iran and Oman discussed a joint temporary navigational corridor through the waterway and agreed to clear it of mines.
State-owned lenders led the benchmark gains, rising 1.5%, while banks, private banks, and financials added 0.8% each. India's banks remain in their strongest shape in years, with solid loan growth, resilient margins, and benign asset quality, analysts at Bernstein said.