Mumbai, March 10: The Indian stock market is witnessing a significant surge during Tuesday’s trading session. As of 11:45 AM, the Sensex rose by 668 points, or 0.68%, reaching 78,224, while the Nifty climbed 198 points, or 0.85%, to settle at 24,225.
Both large-cap and mid-cap stocks are experiencing gains. The Nifty Midcap 100 index increased by 721 points, or 1.28%, to 56,892, and the Nifty Smallcap 100 index saw a rise of 274 points, or 1.70%, reaching 16,406.
The surge in the Indian stock market is attributed to a decline in crude oil prices. Following a statement from U.S. President Donald Trump, Brent crude fell by 6%, nearing $92 per barrel, down from $119 per barrel on Monday.
In an interview with U.S. media, Trump indicated that the war with Iran is nearing an end, leading to a softening in crude oil prices.
Another factor contributing to the market’s rise is the strengthening of the Indian rupee against the dollar. As the market opened on Tuesday, the rupee remained strong, with a high of 91.72 and a low of 92.33 against the U.S. dollar during the trading session.
The decline in the India VIX index, which reflects market volatility, is also seen as a reason for the stock market’s upswing. At the time of writing, the India VIX fell by 15.37%, settling at 19.77.
Global market trends have further boosted investor sentiment in Indian markets. Most Asian markets, including Seoul, Hong Kong, Shanghai, Tokyo, Bangkok, and Jakarta, opened in the green. Meanwhile, U.S. markets also closed positively on Monday.
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