Indian Stocks Surge as Crude Oil Prices Ease

The Indian stock market opened higher on Monday, despite muted cues from GIFT Nifty, thanks to easing crude oil prices. The Sensex jumped over 400 points and the Nifty held above 23,360.

The Sensex opened at 74,535.18 and was trading at around 74,718.49, up 423.53 points or 0.57% against the previous close of 74,294.96 by 9:27 AM. The Nifty opened at 23,330.20 and was trading at around 23,376.15, up 29.75 points or 0.13% against the previous close of 23,346.40 at the same time.

Anindya Banerjee from Kotak Securities noted that Aramco has sold around 60 million barrels through the route for September and October loading, helping Gulf exports recover to 1-1.5 million barrels per day. This has eased supply fears, with the 12-month Brent spread narrowing to around USD 21 from about USD 30 in the middle of the month.