Sensex and Nifty Rebound as Crude Oil Prices Ease Amid Global Volatility
India's benchmark equity indices Sensex and Nifty rebounded in early trade on Wednesday as crude oil prices eased. The 30-share BSE Sensex climbed 283.66 points to 74,812.74 while the 50-share NSE Nifty gained 85.55 points to 23,414.55.
The easing of Brent crude, the global oil benchmark, which declined by 0.97 percent to USD 98.29 per barrel, provided some relief to India given its heavy dependence on imported energy. Market experts said that this moderation in crude prices could ease pressure on inflation and India's external balances.
However, continued foreign investor selling and uncertainty surrounding the Middle East conflict remain key risks for domestic equities. Foreign Institutional Investors (FIIs) sold equities worth Rs 3,809.99 crore on Tuesday according to exchange data.