Sensex soars 2,008 points as crude drop eases inflation fears
Business
Big day for Indian stocks: the Sensex soared by 2,008 points to 79,310 and the Nifty jumped 576 points to close at 24,536, their biggest single-day gains in seven months.
The main reason? Crude oil prices dropped sharply, easing worries about inflation and giving investors a boost of confidence.
Auto shares lead, India sees $3B+
Auto shares led the charge, while banking and IT stocks also climbed thanks to positive buzz from US election results.
Plus, with crude prices falling, foreign investors have poured more than $3 billion into Indian markets in just 10 sessions.
Analysts are optimistic, but say stability in finance and steady oil prices will be key for this rally to last.