Indian Stocks Soar as Crude Oil Prices Tumble
The Indian stock market continued its winning streak for the fourth consecutive day, with the Nifty surging 1.60 per cent on Monday. The rally was largely driven by a significant drop in Brent crude oil prices, which fell 4.62 per cent to USD 83.88 per barrel.
The easing of geopolitical tensions and expectations of renewed dialogue between the US and Iran contributed to the decline in crude oil prices, alleviating inflation concerns. Foreign Institutional Investors (FIIs) turned net buyers in July, pumping in Rs 20,200 crore, and continued buying equities worth Rs 277.48 crore on Friday.
The Sensex climbed 544.39 points, or 0.70 per cent, to settle at 78,639.03, while the Nifty ended at 24,774.30. InterGlobe Aviation, Tata Consultancy Services, Infosys, Eternal, ITC, and Axis Bank were among the top performers on the Sensex.