Indian Stocks Rally as Brent Crude Falls Below $93 a Barrel

The Indian stock market snapped its five-session losing streak on Monday as Brent crude prices fell below $93 a barrel, easing concerns over inflation and corporate profitability.

Benchmark indices 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 by 9:25 am.

The sharp correction in crude oil prices was triggered by Iran's decision to halt attacks on US forces as long as the US refrains from further strikes, raising hopes of de-escalation in the Middle East.

Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said the decline in oil prices has significantly improved market sentiment.