Stock market rallies due to steep fall in crude oil prices

The Indian Stock Market on Monday rallied sharply supported by a steep fall in crude oil prices.

At close, Sensex settled 1,073.61 points or 1.42 percent higher at 76,488.96, while Nifty advanced to 24,031.70, up 312.40 points or 1.32 percent.

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Among the sectors, all the major sectoral indices were trading in the green. Nifty Bank, Financial Services, and Private Bank gained over 2% while Nifty Auto, Realty, Oil and Gas, and Consumer Durables rose more than 1%.

The leading gainers were Bajaj Finance, HDFC Bank, Eternal, and Larsen and Toubro while Infosys, TCS, and Hindustan Unilever ended in the red.

The overall market capitalisation of BSE-listed firms rose to nearly Rs 469 lakh crore from Rs 463 lakh crore in the previous session.

Brent crude dropped over 5% to trade below the $98 per barrel in Monday’s session.

Indian rupee also performed better as it rose 35 paise to close at 95.25 against the US dollar.

Among the PSU banks, Union Bank of India surged 5%, followed by Bank of India, Canara Bank, Punjab National Bank, UCO Bank, Bank of Baroda, and State Bank of India.

Eicher Motors jumped 6.2%, Ola Electric Mobility jumped 5.22%.

Adani Group stocks also outperformed. Adani Power, Adani Enterprises, Adani Green Energy, and Adani Energy Solutions, closed with gains ranging between 2.7% and 6.4%.

Among the global peers, Japan’s Nikkei 225 and Shanghai’s SSE Composite indices were trading higher.