Indian stock markets, including the Sensex and Nifty, extended their gains for a second day, buoyed by falling Brent crude oil prices below Rs 100 per barrel and robust buying in key sectors like banking and energy.
Photograph: Shailesh Andrade/Reuters
Key Points
- Indian benchmark indices Sensex and Nifty recorded significant gains for the second consecutive trading session.
- The rally was primarily fuelled by a notable decline in Brent crude oil prices, which fell below the Rs 100 per barrel mark.
- Strong buying interest was observed in banking stocks and heavyweight Reliance Industries, contributing to the market’s upward momentum.
- Global market sentiment was largely positive, with Asian and European markets trading higher, following gains in US markets.
Market benchmark indices Sensex and Nifty ended sharply higher on Tuesday, extending their previous session’s rally, as a decline in crude oil prices below the Rs 100 per barrel mark and buying in bank stocks and Reliance Industries added to investors’ optimism.
Market Performance Highlights
The 30-share BSE Sensex jumped 685.34 points, or 0.95 per cent, to settle at 73,067.81.
The 50-share NSE Nifty climbed 220.35 points, or 0.98 per cent, to end at 22,776.10.
From the 30 Sensex firms, Trent surged the most by 12.78 per cent. Kotak Mahindra Bank, Hindustan Unilever, Reliance Industries, InterGlobe Aviation, Eternal and Asian Paints were also among the winners. Tech Mahindra, Titan, Bajaj Finance and ITC were among the laggards.
Impact of Crude Oil Prices
Brent crude, the global oil benchmark, tanked 1.70 per cent to Rs 98.59 per barrel.
“Indian equities extended their rebound for a second consecutive session on Tuesday, with benchmark indices closing higher as further decline in crude oil prices eased some of the macroeconomic pressure weighing on sentiment,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
Global Market Trends
In Asian markets, Japan’s Nikkei 225 index and Hang Seng index ended in positive territory, while South Korea’s Kospi quoted lower. Markets in Europe were trading higher. US markets ended higher on Monday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,699.14 crore on Monday, according to exchange data.
