Stock Markets Rebound After Five-Day Losing Streak as Oil Prices Ease

Indian equity markets opened on a positive note on Monday, breaking a five-session losing streak as a temporary easing of tensions in West Asia helped cool crude oil prices and improve investor sentiment. At around 9:47 am, the BSE Sensex was trading 627 points higher at 76,692, while the NSE Nifty gained 181 points to reach 23,948. The rupee also showed some recovery against the US dollar, opening at 96.18. Among Nifty stocks, InterGlobe Aviation, Infosys, Eternal, Asian Paints and Bajaj Finance traded higher, while ONGC, Wipro, SBI Life Insurance, Bajaj Auto and Bharti Airtel were among the laggards.

Brent crude prices eased to around $92 per barrel after Iran indicated that it would halt its attacks if the United States stopped its strikes. Lower crude prices are generally considered positive for India due to the country’s significant dependence on energy imports. Gains in Tata Consumer, NTPC, IDFC First Bank and AU Small Finance Bank also supported the broader market. Investor expectations that the US Federal Reserve could keep interest rates unchanged further contributed to the positive sentiment in domestic equities.