Sensex Climbs Amid Easing Crude Oil Prices
India's stock markets rebounded in early trade on Wednesday, September 23, amid easing crude oil prices. The benchmark indices Sensex and Nifty showed a significant climb, with Sensex rising 283.66 points to 74,812.74 and Nifty up 85.55 points to 23,414.55.
The 30-share BSE Sensex saw gains from firms such as Bajaj Finance, Bajaj Finserv, Tata Steel, UltraTech Cement, Larsen & Toubro, and Asian Paints. However, Tata Consultancy Services, Infosys, HDFC Bank, and Mahindra & Mahindra were among the laggards.
Brent crude, the global oil benchmark, traded 0.97% lower at $98.29 per barrel. According to Ponmudi R, CEO of Enrich Money, 'The moderation in crude prices offers some relief on the broader macroeconomic front, particularly for India given its dependence on imported energy.' However, continued foreign investor selling remains a key headwind for domestic equities.
Asian markets were mixed, with South Korea's Kospi trading positively and Shanghai's SSE Composite index and Hong Kong's Hang Seng index lower. US markets ended on a mixed note the previous day, with technology stocks supporting the Nasdaq while the Dow closed lower.