India’s benchmark indices surge on easing global oil prices
India’s benchmark indices surged close to 2 per cent on Wednesday as the decline in global oil prices eased concerns around macroeconomic fundamentals. The sentiment was also boosted after Russia hinted at progress in peace talks with Ukraine. China’s vow to stabilise its market also added to the cheer.
The benchmark Sensex ended the day at 56,817, with a gain of 1,040 points or 1.86 per cent. The Nifty, on the other hand, ended the session at 16,975, a gain of 312 points or 1.87 per cent. Both the indices are up by nearly 8 per cent compared to last week.
A 25 per cent drop in crude prices from recent highs, favourable outcome in state polls and bargain hunting after a sharp drop in the market have propelled the market.
