Sensex and Nifty Soar as Crude Oil Prices Plummet Amid Easing Tensions
The stock market indices Sensex and Nifty saw significant gains in early trade on Monday due to a sharp decline in crude oil prices. Brent crude, the global oil benchmark, dropped by 4.97% to USD 83.56 per barrel.
This decline was largely attributed to easing geopolitical tensions. The US President Donald Trump indicated that negotiations with Iran are expected to resume on Monday, sparking hopes of a diplomatic resolution.
The Sensex jumped 470.06 points to 78,564.70 during initial trade, while the Nifty climbed 150 points to 24,532.95. ITC, Bajaj Finserv, InterGlobe Aviation, and Tata Consultancy Services were among the major winners in the Sensex pack.
Foreign Institutional Investors (FIIs) bought equities worth Rs 277.48 crore on Friday, contributing to market optimism. The decline in Brent crude to below USD 84, along with good progress in monsoon in July and FIIs turning buyers, were seen as positive triggers for the market.