Markets rally as crude drops below USD 100

PTI

MUMBAI, May 25: Benchmark equity indices Sensex and Nifty surged over 1 per cent on Monday, driven by a sharp correction in crude oil prices and a rally in global markets amid improving sentiment surrounding the US-Iran negotiations.

An appreciating rupee against the US dollar and intense buying in banking and financial stocks also bolstered sentiment, traders said.

The 30-share BSE Sensex jumped 1,073.61 points, or 1.42 per cent, to settle at 76,488.96. During the day, it soared 1,143.72 points, or 1.51 per cent, to 76,559.07.

A total of 2,785 stocks advanced, while 1,535 declined and 211 remained unchanged on the BSE.

The 50-share NSE Nifty surged 312.40 points, or 1.32 per cent, to end at 24,031.70.

Brent crude, the global oil benchmark, tanked 5.52 per cent to USD 97.82 per barrel.

Among sectoral indices, PSU Bank surged 2.96 per cent, Bankex (2.27 per cent), Top 10 Banks (2.19 per cent), Private Banks index (2.07 per cent), Financial Services (2.06 per cent), Telecommunication (1.89 per cent) and Auto (1.76 per cent).

In Asian markets, Japan’s Nikkei 225 index and Shanghai’s SSE Composite index ended higher. Markets were closed in South Korea and Hong Kong due to holidays.

European markets were trading higher. US markets ended in positive territory on Friday.