Sensex, Nifty Surge as Crude Oil Prices Plummet
The Indian stock market indices Sensex and Nifty opened higher on Wednesday due to falling crude oil prices and positive global equities. The decline in Brent crude price, which is down 2.66% at USD 86.22 per barrel, provided a boost to the domestic markets.
Ponmudi R, CEO of Enrich Money, attributed this trend to the recent developments surrounding discussions involving Iran and Oman over the Strait of Hormuz, which have raised cautious optimism about supply-disruption risks easing.
The Sensex climbed 285 points to 77,944.02 in early trade, while the Nifty was up 23.25 points at 24,356.10. Among the Sensex firms, ICICI Bank, State Bank of India, and Kotak Mahindra Bank were among the major winners.
Foreign fund inflows also contributed to the positive trend in domestic markets with FIIs buying equities worth Rs 1,593.53 crore on Tuesday.