Sensex jumps 544.39 points, Nifty up 390.70 points adding ₹5L/cr
Big day for the Indian stock market: Sensex shot up 544.39 points to close at 78,639.03, and Nifty climbed 390.70 points to finish at 24,774.30.
This rally added a massive ₹5 lakh crore to investor wealth, thanks mainly to easing global tensions and a sharp drop in crude oil prices.
Global oil falls 5% to $83.50
Global oil prices fell by 5% to $83.50 per barrel, making inflation less scary and easing worries over company earnings.
Vinod Nair, Head of Research, Geojit Investments, pointed out that possible U.S.-Iran talks helped push prices down.
The rupee also got stronger against the dollar, up by 31 paise, helped by cheaper oil and a weaker US Dollar Index.
Analysts expect the rupee will stay between 95.00 and 95.80 this week as everyone waits for RBI's policy update.
Meanwhile, foreign investors bought over ₹20,000 crore worth of stocks in July, keeping market vibes positive (though high US bond yields could still be a risk).