Oil Price Decline Sparks Sharp Rally in Indian Indices

Indian benchmark indices Sensex and Nifty are set to open sharply higher on Monday, following a steep fall in crude oil prices. The decline in oil prices was triggered by US President Donald Trump's decision to call off an imminent military strike on Iran in favor of negotiations aimed at reopening the Strait of Hormuz.

The biggest boost to market sentiment came from the sharp decline in crude oil prices, which saw Brent futures fall as much as 7.3 percent to $81.55 a barrel, while US West Texas Intermediate crude dropped 5.4 percent to $80.10 a barrel.

GIFT Nifty was trading at 24,618 on Monday morning, up 170 points or 0.7 percent, indicating the Nifty 50 could open well above Friday's close of 24,383.60. The positive opening signals come after Indian equities extended their winning streak for a third consecutive session on Friday.