Indian stock market up nearly 6% as U.S.-Iran tensions ease
The Indian stock market finally caught a break this week, climbing nearly 6% after six straight weeks of losses.
The big boost came as tensions between the US and Iran eased, calming nerves and making investors more optimistic.
Before this rebound, both Nifty 50 and Sensex had dropped over 12% in just a month and one-half.
Sensex jumps 919 points Friday
Sensex shot up by 919 points on Friday to close at 77,550, while Nifty 50 ended at 24,050, both up about 1.2%.
Banking and financial stocks led the charge, with most sectors (except IT) seeing solid gains.
Domestic investors stepped in big time: mutual funds recorded their highest inflows in eight months even as foreign investors slowed their selling.
Plus, falling crude oil prices helped ease worries about inflation and fuel costs, a welcome relief for everyone watching their budgets.