Indian markets surge as oil prices fall and US yields ease
The Sensex and Nifty 50 rose sharply on Monday, spurred by lower crude prices, declining US Treasury yields and upbeat global equity sentiment.
On Monday, Indian equity benchmarks rallied, with the Sensex gaining as much as 692 points to finish near 74,987 and the Nifty 50 adding 120 points to close around 23,467, ending a six-week slump that had erased nearly 5% of value. Market optimism was fueled by four key factors: Brent crude slipped for the fourth day, easing inflation and current-account concerns; US 10-year Treasury yields fell about three basis points to 4.97%, supporting emerging-market currencies; global equity markets rose, led by gains in South Korea, Hong Kong, China and US futures; and technical analysis indicated the Nifty was in an oversold zone, suggesting room for a pull-back rally. Analysts from SBI Securities, Geojit Investments, Brickwork Ratings and Kotak Securities highlighted the combined effect of softer oil bills, stable rupee prospects and positive earnings outlook as the main catalysts.
