Sensex Surges 800 Points, Nifty Near 24,000 As Falling Crude Prices Boost Markets

Domestic equity markets opened sharply higher on Monday, tracking positive global cues and a decline in crude oil prices that boosted investor sentiment.

Benchmark indices rallied over 1% in early trade, supported by strong buying in banking, auto, financial and oil-linked stocks.

The BSE Sensex surged more than 800 points in opening trade to reclaim the 76,000 mark, while the NSE Nifty moved close to the 24,000 level. Investors cheered easing concerns around inflation and global energy prices after crude oil slipped below the $100-per-barrel mark.

At around 9:20 am, the Sensex was trading 850 points higher at 76,271.32, while the Nifty climbed 247 points to 23,972.43. The rally remained broad-based, with gains visible across most major sectoral indices.

Banking and financial stocks led the rally, with the Nifty Bank index rising over 1.4% to trade above 54,800. Financial services stocks also witnessed strong buying interest. Auto shares emerged among the top gainers in early trade, while PSU banks, oil & gas and realty stocks also traded firmly in the green.

Broader markets mirrored the upbeat momentum. The Nifty Next 50, Midcap and Smallcap indices all advanced nearly 1%, reflecting improved risk appetite among investors. Meanwhile, the India VIX — considered the market’s volatility indicator — dropped more than 6%, signalling easing fear and uncertainty in the market.

Among individual stocks, Mahindra & Mahindra gained more than 2%, while Bajaj Finance, HDFC Bank, Infosys and ICICI Bank also posted strong gains in early trade. On the other hand, Sun Pharma and TCS were among the few stocks trading lower.

A major trigger behind the rally was the sharp cooling in crude oil prices, which slipped to around $98 per barrel. Lower oil prices are seen as positive for India, as they help reduce inflationary pressure, ease concerns around the import bill and support fiscal stability.

Market experts said investors are also reacting positively to reports of improving geopolitical conditions in West Asia. According to V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, expectations surrounding a possible US-Iran understanding could improve global crude supply and keep oil prices under control, which would benefit emerging markets like India.