1 week ago

Sensex, Nifty Recover as Brent Crude Falls Below $90

Sensex, Nifty Recover as Brent Crude Falls Below $90
Sensex, Nifty Stage Sharp Recovery, Brent Slips Below $90 · freepressjournal.in

Indian stock markets lost ground earlier in the day but recovered much of those losses later.

The Sensex and Nifty came close to rising by the end of the session.

One important reason was that Brent crude oil became cheaper.

Brent fell below $90 per barrel, reaching about $89.06.

India imports most of the oil it uses, so cheaper oil can lower costs and inflation pressures.

It may also help businesses such as airlines, paint makers, tyre companies, chemical firms and logistics providers.

Positive signals from U.S. stock futures and a rise in Bitcoin also encouraged investors.

However, investors remained cautious because of geopolitical tensions and uncertain fund flows.

Key facts

Brent crude low
Brent fell as low as $89.06 a barrel.
Brent performance
The benchmark was down more than 2% during the session.
Indian benchmarks
The Sensex and Nifty erased a substantial portion of their intraday losses.
Recovery timing
The rebound gathered momentum around 2:30 p.m. and strengthened during the final trading hour.
Global cues
Nasdaq-100 futures and U.S. equity futures advanced.
Bitcoin
Bitcoin climbed to around $80,000.
Potential economic effect
Cheaper oil may reduce India’s import costs and ease inflation and rupee pressure.

Sources

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