India's Stock Markets Bounce Back Amid Easing Oil Prices
Stock markets in India rebounded in early trade on Wednesday following a decline the previous day. The benchmark indices Sensex and Nifty rose, with Sensex climbing 283.66 points to 74,812.74 and Nifty up 85.55 points to 23,414.55.
The gains were driven by easing crude oil prices, which had weighed on markets earlier. Brent crude, the global oil benchmark, traded 0.97 per cent lower at USD 98.29 per barrel. This moderation in crude prices offers some relief on the broader macroeconomic front, particularly for India given its dependence on imported energy.
However, foreign investor selling remained a key headwind for domestic equities. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,809.99 crore on Tuesday, according to exchange data. This uncertainty over the Middle East continues to weigh on global risk appetite.