Sensex, Nifty Stage Sharp Recovery on Falling Oil Prices

Indian equity benchmarks Sensex and Nifty staged a sharp recovery around 2.30 pm, erasing much of their intraday losses.

The rebound was driven by a steep decline in Brent crude oil prices, which fell below $90 per barrel, its lowest level in nearly a week.

As Brent slipped over 2%, concerns about India's import bill and inflation outlook eased, with cheaper oil seen as positive for the economy, reducing import costs and curbing inflation.

The recovery also benefited from improving global risk appetite, with US technology shares looking to open positively, and Bitcoin climbing above $80,000.