Sensex Soars as Crude Prices Dip Below $102 Amid FII Buying
The Indian stock market opened on a positive note on Monday, September 21, with the Sensex index recording gains exceeding 400 points. The increase was attributed to a drop in crude oil prices and renewed inflows by foreign institutional investors into the market.
The Sensex index, comprising 30 companies, started the day at 74,624.74, higher by 329.78 points or 0.44% compared to its previous closing of 74,294.96. The Nifty 50 was also up, gaining 0.13%.
The gains in the market came on the back of six weeks of losses seen in both indices. Foreign institutional investors purchased Indian stocks worth approximately ₹599.54 crore on Friday, supporting the market sentiment.
The drop in crude oil prices to about $101.7 per barrel also contributed to the positive market sentiment. However, sustained prices above $100 are worrying due to their impact on inflation, trade balance, and company expenses.