Mumbai, July 27: Stock markets snapped the five-day losing streak on Monday, with the benchmark Sensex jumping by 776 points following a sharp decline in crude oil prices amid easing tensions in West Asia.
The 30-share BSE Sensex jumped 776.01 points, or 1.02 per cent, to settle at 76,835.78. During the day, it soared 841.74 points, or 1.10 per cent, to 76,901.51.
The 50-share NSE Nifty surged 228.50 points, or 0.96 per cent, to end at 23,995.95, ending its five-day losing trend.
Among Sensex firms, Eternal jumped the most by 5.70 per cent. InterGlobe Aviation, Infosys, Bajaj Finance, Asian Paints and Mahindra & Mahindra were also among the gainers.
HDFC Bank, Power Grid and Axis Bank were the laggards.
Brent crude, the global oil benchmark, tanked 9.40 per cent to USD 87.64 per barrel.
“A pause in strikes in West Asia has eased concerns over rising import costs and inflation, triggering a relief rally in markets. The sharp correction in crude oil prices, along with a decline in long-term bond yields, has also raised hopes of a durable resolution, supported by signs of long unwinding,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,892.77 crore on Friday, according to exchange data.
“After five consecutive sessions of losses, the Indian stock market closed on a positive note, supported by broad-based buying and improving global sentiment. Investor confidence strengthened as easing Iran-US tensions pushed crude oil prices lower, reducing inflation concerns for India,” Gaurav Garg, Analyst, Lemonn Markets Desk, said.
The BSE SmallCap Select index jumped 1.71 per cent and MidCap Select index climbed 1.65 per cent. (PTI)
