Indian markets snap losing streak as crude oil prices drop 5%

Indian markets snapped a five-session losing streak on Monday, with the Sensex and Nifty both opening higher as crude oil prices dropped 5 per cent.

The Sensex gained 549.21 points, or 0.72 per cent, to open at 76,608.98, while the Nifty rose 160.95 points to start at 23,928.40.

Both indices had closed Friday’s session at over a month’s low, with the Sensex at 76,059.77 and the Nifty at 23,767.45.

The recovery was driven by a sharp fall in crude oil prices as tensions eased in West Asia, pulling back from a two-month high hit last week.

IndiGo led Sensex gainers with a 3.11 per cent rise, joined by Eternal, Infosys, Asian Paints and Bajaj Finance.

The broader market also advanced, with the BSE Smallcap Select Index up 1.05 per cent at 8,677.49.

(Image: Niyantha Shekhar (CC BY 2.0))