Indian stock markets witnessed a sharp rally in early trade on Monday, driven by a significant drop in global crude oil prices below the $100 per barrel mark. The benchmark BSE Sensex surged by 908.98 points to reach 76,317.85, while the broader NSE Nifty climbed 262.65 points to 23,977.70 during the initial trading session.
Market Movers
The positive momentum was largely attributed to the decline in crude oil prices, which fell below $100 per barrel for the first time in several weeks. This development eased concerns over inflationary pressures and input costs for various industries, particularly those reliant on petroleum products.
Key Indices Performance
- BSE Sensex: Opened higher and maintained gains, adding 908.98 points to trade at 76,317.85.
- NSE Nifty: Followed suit, rising 262.65 points to 23,977.70.
Market participants also pointed to positive global cues, with Asian markets trading higher following a rally on Wall Street last week. The drop in crude oil prices is expected to benefit sectors such as aviation, logistics, and consumer goods, which have been grappling with high fuel costs.
The broader market sentiment remained buoyant, with advances outpacing declines on both the BSE and NSE. Analysts believe that sustained stability in crude oil prices could further bolster the markets in the coming days.
