Indian stock markets recorded their strongest rally in nearly two months on Friday as falling crude oil prices and easing tensions in West Asia boosted investor confidence.
The BSE Sensex climbed 1,695.40 points, or 2.3%, to close at 75,527.95, while the NSE Nifty50 rose 461.30 points, or 1.99%, to end at 23,622.90.
Markets gained after signs of progress in negotiations between the United States and Iran raised hopes of reduced geopolitical tensions and fewer disruptions to global oil supplies. The development pushed Brent crude down 3.84% to $86.91 a barrel, while US West Texas Intermediate crude fell 3.97% to $84.23.
The decline in oil prices was seen as positive for India, which imports more than 80% of its crude requirements. Lower energy costs are expected to ease inflationary pressures, support the rupee and improve the country’s economic outlook.
Gains were broad-based across sectors, with real estate, banking and financial stocks leading the advance. Midcap and smallcap shares also recorded strong buying interest.
Market analysts said improving global sentiment, stable domestic conditions and lower crude prices encouraged investors to return to equities. However, they cautioned that markets could see some consolidation in the coming sessions as investors continue to monitor oil prices, geopolitical developments and foreign investment flows.
Disclaimer: This content is based on media reports and market data available at the time of reporting and is for informational purposes only. Investors are advised to consult a qualified financial expert before making any investment decisions. VisionMP is not responsible for any loss arising from the use of this information.
