Sensex Surges Over 450 Points as Crude Oil Prices Fall

The Indian stock market opened Monday with a strong start, as the Sensex surged over 450 points. The BSE Sensex was at 74,748.61, up 453.65 points or 0.61%, while the Nifty 50 was trading at 23,398.10, higher by 51.70 points or 0.22%. This is a promising sign for investors, who had seen six consecutive weeks of market losses.

The Bank Nifty rose 0.19% to 56,465.65 and the Nifty Financial Services index was up 0.25%. UltraTech Cement was among the strongest Nifty stocks in early trade, rising more than 3%, while Asian Paints, Trent, Titan, and Bajaj Finance were also among the gainers. However, Power Grid, Infosys, and Bharti Airtel were under pressure.

The biggest favourable change for Indian equities is the retreat in crude oil from recent highs. Brent crude fell more than 2% in early trade to around $101.69 a barrel, while US crude dropped below $99. This is providing some relief for India's oil-importing economy.