Top News

Mumbai. The domestic stock market was positively impacted by the easing of tensions in West Asia and a sharp drop in crude oil prices on Monday. Both the BSE Sensex and NSE Nifty opened with gains on the first trading day of the week.

The BSE Sensex gained 566 points to reach 76,608.66 in early trade. The NSE Nifty rose 153.60 points to trade at 23,923.30.

Market experts believe that the halt in military action between the US and Iran over the weekend has boosted investor confidence. Furthermore, the sharp drop in global crude oil prices has raised hopes of easing inflation pressures, improving the current account position, and strengthening the rupee for India.

Rajesh Palvia, Head of Research at Axis Direct, said that the easing of tensions in West Asia has reduced fears of oil supply disruptions, which has had a positive impact on market sentiment.

Among Sensex stocks, InterGlobe Aviation, Infosys, Eternal, Asian Paints, Bajaj Finance, and Bajaj Finserv saw significant gains. However, Bharti Airtel and ICICI Bank declined.

Brent crude oil prices fell nearly four percent globally to $92.84 per barrel. According to V.K. Vijayakumar, chief investment strategist at Geojit Investments Ltd., if tensions in West Asia ease further and crude oil prices continue to soften, the domestic stock market could remain positive.

Meanwhile, foreign institutional investors (FIIs) sold shares worth a net ₹3,892.77 crore on Friday.

In Asian markets, South Korea’s Kospi was down, while Japan’s Nikkei 225, China’s SSE Composite, and Hong Kong’s Hang Seng index traded higher. Meanwhile, US stock markets had mostly closed higher in the previous trading session.

It is noteworthy that on Friday, the BSE Sensex closed at 76,059.77, down 331.62 points, while the NSE Nifty slipped 102.15 points to close at 23,767.45.