Gift Nifty climbs nearly 1% on U.S.-Iran oil reports
Business
The GIFT Nifty, which tracks India's stock market mood, rose nearly 1% on Monday after reports that the US might temporarily relax sanctions on Iranian oil.
This sparked hopes of more oil in the market, which could help cool down energy prices and keep inflation in check.
Brent above $110 hits Indian consumers
With Brent crude in the previous session above $110 a barrel and India importing more than 80% of its oil, any price jump hits hard: think higher fuel costs and pricier goods.
The reported possible temporary US sanctions relief on Iranian oil exports brought some relief to Indian stocks after volatility in the earlier session, as investors bet it could ease supply worries and support the economy.