Sensex, Nifty Soar as West Asia Tensions Ease, Crude Oil Prices Plummet

Indian stock markets rebounded strongly in early trade on Monday, with the Sensex and Nifty surging as crude oil prices dropped sharply amid easing tensions in West Asia.

The 30-share BSE Sensex jumped 566 points to 76,608.66, while the 50-share NSE Nifty surged 153.60 points to 23,923.30.

The decline in Brent crude oil prices to $92.84 per barrel from a high of $102 four days ago was a major contributor to the positive market sentiment.

Rajesh Palviya, Head of Research at Axis Direct, said that the sharp dip in Brent crude price is a positive sentiment for the market and can sustain a mild rally if the de-escalation of the West Asia conflict holds.