Bulls are back: Equities rebound over 1%; crude below $100 per barrel

The benchmark indices gained over 1 per cent on Wednesday as falling commodity prices, ease in overseas investor selling pressure, and rate-hike worries lifted investor sentiment. The benchmark Sensex gained 616 points, or 1.16 per cent, to close at 53,751 — the highest close since June 10.

The Nifty ended the session at 15,990 — a gain of 179 points, or 1.1 per cent. This was the biggest single-day gain for both indices in over two weeks.

Brent crude futures dropped below $100 for the first time since April 25 as recession fears fuelled a broader sell-off. The drop comes after Brent crude futures saw its third-largest drop in dollar terms on Tuesday.