Crude oil prices drop, India’s stock markets rejoice, Rupee at 95.08 against USD
Mumbai, June 12: As global oil prices fell sharply, India’s benchmark indices Sensex and Nifty ended sharply higher today.
International crude oil prices recorded a drop, with Brent crude – the global oil benchmark – trading lower by 4.25 per cent at USD 86.54 per barrel in futures trade.
The stock markets in India reacted to this development.
The 30-share BSE Sensex surged 1,695.40 points or 2.30 per cent at 75,527.95. During the day, it hit a high of 75,608.02 and a low of 74,453.39, gyrating 1,154.63 points.
The 50-share NSE Nifty zoomed 461.30 points or 1.99 per cent to settle at 23,622.90.
The broader market outperformed the benchmarks today, with the BSE MidCap Select Index and the BSE SmallCap Select Index rising more than 2.5 per cent each.
While the BSE Midcap Select Index gained 450.58 points, the BSE Smallcap Select Index was up by 225.96 points.
Top gainers and losers
Among the 30-Sensex firms, Bajaj Finance, Larsen & Toubro, Indigo, Titan, and HDFC Bank were the major gainers.
The shares of Bajaj Finance closed with a gain of 5.56 per cent today.
Tech Mahindra and Power Grid were among the laggards.
The shares of TECHM closed with a dip of 2.24per cent today.
On Friday, shares of 28 of the 30 Sensex companies closed in the green, while the remaining two closed in the red. On the other hand, shares of 39 of the 50 Nifty 50 companies closed in the green, while the remaining 11 closed in the red.
Rupee surge
Meanwhile, the Rupee surged 77 paise to close at 95.08 (provisional) against the US Dollar.
At the interbank foreign exchange, the rupee opened at 95.40 and traded in the range of 94.95-95.53 before settling at 95.08 (provisional), up 77 paise from its previous close. (BVI)
