Indian Stocks Rally as Crude Oil Prices Fall Below $80
India's stock market indices Sensex and Nifty rose in early trade on August 5, driven by falling crude oil prices and foreign fund inflows. The BSE Sensex climbed 397.59 points to 78,826.54, while the NSE Nifty went up by 62.7 points to 24,677.60.
The decline in Brent crude prices to below $80 per barrel is seen as a positive sign for the Indian market. V.K. Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, noted that 'the sharp dip in Brent crude to below $80 and record closing in the U.S. markets augur well for the Indian market today.'
The RBI's monetary policy decision is also expected to influence the market's performance. Foreign Institutional Investors (FIIs) bought equities worth ₹2,446.47 crore on Tuesday, marking their sixth consecutive day of buying.