Indian Stocks Rally as Oil Prices Continue to Pose Threat
The Indian stock market staged a comeback on Wednesday, September 16, after a sharp sell-off in the previous session. The Sensex and Nifty 50 indices rebounded from their heavy fall, with the former rising by 209.80 points or 0.28% to trade at 74,213.62. The latter also gained by 64.80 points or 0.28%, trading at 23,183.40.
The bounce back was attributed to a technical rebound from oversold territory and a wide-based recovery in various sectors. According to Reuters, the indices had opened up by 0.51% at 9:21 am IST, with all key sectors moving up.
However, the market's gains were tempered by concerns over high oil prices, which have been a major determinant of stocks in India. The price of Brent crude stood at $108 per barrel on Wednesday, and investors remained cautious ahead of the US Federal Reserve's policy statement.