Indian stocks rally, Sensex 79,055.38 as Brent falls below $80
Business
Indian stock markets kicked off Wednesday on a strong note, with the Sensex jumping more than 450 points to 79,055.38 and the Nifty opened at 24,669.20.
The rally was fueled by optimism around a possible U.S.-Iran peace deal and a drop in global oil prices: Brent crude slipped below $80 after news about reopening the Strait of Hormuz.
Crude down 22% seen boosting rupee
Falling crude prices (down more than 22% in two weeks) are great news for India. Experts say this could strengthen the rupee and attract more foreign investment.
The rupee itself opened stronger at 94.92 against the dollar, showing investors are feeling good about India's economic stability right now, even as some analysts warn that low oil prices might not last forever.