Indian Markets Rally as Oil Prices Drop Below $100

Author: Doruk Yıldız…

Indian Markets Update at 10:00 AM IST

Stock Indices

The BSE Sensex rose 1% to 76,160, while the NSE Nifty 50 gained 0.9% to 23,938, as crude oil prices fell below $100 per barrel for the first time in over two weeks on hopes of a deal to end the Iran war.

Rupee

The Indian rupee strengthened 0.3% against the U.S. dollar to 95.37, supported by the slump in oil prices and remarks from the central bank governor, who said the RBI will do "whatever is required" to ensure orderly movements in the forex market.

Government Bonds

The benchmark 10-year bond yield dropped 7 basis points to 7.0293%, with prices rising after oil tumbled on rising U.S.-Iran peace deal hopes.

Overnight Index Swaps

The one-year overnight index swap rate fell 13 basis points to 6.17%, while the five-year swap rate declined 14 basis points to 6.38%.

Call Money

India's overnight call money rate stood at 5.45%, and the overnight TREPS rate was at 5.26%.

Impacted Symbols

Symbols affected by this headline and their sentiment signals

SENSEXPositive

S&P BSE SENSEX Index

The index rose directly due to the sharp decline in crude oil prices, which is positive for the Indian economy.

Impact score90%

NIFTYPositive

Nifty 50 Index

The Nifty 50 index gained value as falling oil prices reduce import costs, directly impacting the market.

Impact score90%

USDINRNegative

U.S. DOLLAR / INDIAN RUPEE

The rupee strengthened against the dollar due to falling oil prices and supportive comments from the central bank governor, leading to a decline in the USDINR pair.

Impact score85%

The news, analyses, and comments on this platform do not constitute investment advice. When making investment decisions, you should conduct your own research and consult with a qualified financial advisor if necessary. FiNews cannot be held responsible for any losses that may arise from the use of this information.

More Headlines