Indian markets rebound as crude falls, Nifty and Sensex slip
Business
Indian stock markets bounced back from early losses on Friday, thanks to a drop in global crude oil prices.
While both the Nifty and Sensex ended the day just a bit in the red, falling 0.18% and 0.14% respectively, the dip in oil prices helped calm worries about rising energy costs and sparked buying in sectors sensitive to fuel.
Nifty Auto and Bank rally
Lower crude prices gave auto and banking stocks a lift: Nifty Auto jumped nearly 1%, and Nifty Bank recovered strongly to close positive after being down earlier.
Brent crude slid to $105.14 a barrel, making things easier for these sectors.
Still, India imports more than 80% of its oil, so high prices remain a big risk: prolonged spikes could push up inflation and stress companies' profits.