Sensex Soars as Crude Oil Prices Plunge; RBI Policy Decision Looms
India's stock market benchmarks Sensex and Nifty surged on Wednesday after crude oil prices plummeted, prompting foreign investors to pour in. The Reserve Bank of India (RBI) is set to announce its monetary policy decision, which will be a key focus for the market.
The 30-share BSE Sensex jumped by 397.59 points to 78,826.54 in early trade, while the 50-share NSE Nifty rose by 62.7 points to 24,677.60. InterGlobe Aviation, Mahindra & Mahindra, Trent, NTPC, Larsen & Toubro, and Bajaj Finserv were among the top gainers.
However, Sun Pharma, Tata Consultancy Services, Titan, and Bharat Electronics lagged behind. Brent crude, the global oil benchmark, traded 1.16% lower at $78.44 per barrel.
'The sharp dip in Brent crude to below $80 and record closing in the US markets augur well for the Indian market today,' said VK Vijayakumar, Chief Investment Strategist of Geojit Investments Limited.