Global cues, low crude oil prices lift indices; Sensex gains 659 points

Positive global cues, sharp fall in crude oil prices and strong overseas flows lifted the Indian markets on Thursday. The benchmark Sensex gained 659 points, or 1.1 per cent, to end the session at 59,688. The Nifty50, on the other hand, ended the session at 17,798, with a gain of 174 points, or 0.9 per cent. Banking stocks led the advance with the sector gauge rising close to 2 per cent. Foreign portfolio investors (FPIs) bought shares worth nearly Rs 3,000 crore.

In an earlier session, Brent crude prices had dropped to $88 a barrel, their lowest since January 24, 2022. The fall of crude prices, to levels last seen before the Russian invasion of Ukraine, is beneficial for India as it reduces the import bill and consumer price inflation.