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Crude Oil Eases, Boosting Indian Markets
21 Sep
Summary
- Indian stock indices rose on Monday as crude oil prices dropped.
- Foreign investors returned as net buyers after seven consecutive sessions.
- Positive global cues, including gains in Asian tech stocks, supported the market.
Benchmark equity indices, Sensex and Nifty, experienced an upturn on Monday, with Sensex climbing 478.05 points and Nifty advancing to 23,404.65. This rise was primarily attributed to a softening in crude oil prices, with Brent crude futures falling 2.2% to $101.6 per barrel, offering some relief to the energy-conscious market.
Foreign institutional investors (FIIs) re-entered the Indian equity market as net buyers on Friday, purchasing shares worth Rs 599 crore. This buying activity followed seven consecutive sessions of selling, indicating a shift in investor sentiment. Domestic institutional investors also continued their supportive stance, investing over Rs 1,000 crore during the same session.
Positive global sentiment contributed to the domestic market's gains. Asian equities edged higher, influenced by advancements in semiconductor stocks amid sustained demand for artificial intelligence-related technologies. Wall Street also showed strength, with technology-heavy indices like the Nasdaq and S&P 500 closing higher, though the Dow Jones Industrial Average saw a slight dip.
