Sensex gains 400 points as oil prices drop
Indian markets bounced back on Tuesday as oil prices dropped thanks to easing West Asia tensions.
Sensex and Nifty both opened higher, giving investors a bit of relief after recent volatility.
Airlines benefit, ONGC suffers
Cheaper oil is good news for India since we import most of our crude. It helps keep inflation in check and boosts profits for sectors like airlines, so companies like IndiGo saw its stock rise 3.85%.
On the flip side, ONGC's shares dipped 4.1% because lower oil prices hurt its earnings.
Domestic investors step in
Big buying from domestic investors (₹9,000 crore) helped steady things even as foreign investors sold off some shares.
US and Asian markets also rallied, but analysts say we're not out of the woods yet: expect more ups and downs unless Nifty breaks past 25,000 points soon.
For now, resistance is around 24,300 to 24,400 points.