Indian Stocks Surge as Oil Prices Decline

The Indian stock market rebounded on Wednesday after two days of losses, as key equity indices Sensex and Nifty traded in green. The 30-share index of BSE, Sensex, advanced 190 points to 72,733.04 in early trade, while the 50-share NSE Nifty was up 22 points to 22,735.20.

The recovery was fueled by easing crude oil prices and value buying in blue-chip IT stocks, such as Tata Consultancy Services and HDFC Bank. Ponmudi R, CEO of Enrich Money, said that the moderation in crude oil prices provided an early lift to sentiment, but added that investors remained cautious due to persistent geopolitical uncertainty.

Crude prices in the international futures market declined below $105 per barrel, with Brent crude at USD 103.3 and WTI around 89-90 a barrel. This decline provides some marginal relief on India’s import bill and inflation pressures.