Rupee strengthens, Nifty tops 24,000 as falling oil prices lift sentiment
GIFT Nifty futures were trading at 24,005, indicating a flat opening for the Nifty 50, which closed at 23,989.15 on Tuesday.
The Nifty 50 has gained 3.6% over the past three sessions. The Indian rupee opened higher at 94.45 against the US dollar on Wednesday, compared with its previous close of 94.56, supported by easing crude oil prices that have improved sentiment for the country’s import-dependent economy.
Domestic equities also opened in positive territory, with the Nifty 50 reclaiming the 24,000 mark and the Sensex rising over 130 points in early trade.
The gains come after a strong three-session rally in which the Nifty 50 advanced 3.6% and the Sensex gained 4%. Investor sentiment has been buoyed by a sharp decline in crude prices following the US-Iran peace agreement. Brent crude has fallen about 15% over the past four sessions and slipped below $80 a barrel, easing concerns over energy costs and inflation for India, one of the world’s largest oil importers.
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