Sensex Surges Over 400 Points as Crude Oil Prices Ease
The Indian stock market opened higher on Monday, despite muted cues from GIFT Nifty. The benchmark indices were boosted by easing crude oil prices, which have fallen for a fourth straight session.
Brent crude fell to USD 101 per barrel against Friday's settlement of USD 103.87 per barrel, as the market priced in the possibility of US, Iran contact at the United Nations this week and improved flows through the Strait of Hormuz.
The Sensex gained over 400 points, rising to 74,718.49 from its previous close of 74,294.96. The Nifty held above 23,360, up 29.75 points or 0.13% against the previous close of 23,346.40.
Anindya Banerjee, Kotak Securities noted that Aramco has sold around 60 million barrels through the route for September and October loading, helping Gulf exports recover to 1-1.5 million barrels per day.