Sensex jumps over 900 pts, Nifty tops 24,200 as cooling oil prices lift sentiment

Indian benchmark indices opened sharply higher on Monday, tracking a pullback in global crude prices after comments from Donald Trump eased concerns over supply disruptions in West Asia, while strong auto sales and stock-specific buying added momentum.

The BSE Sensex surged 903.50 points, or 1.17 per cent, to 77,817.00 as of 9:50 am IST, while the Nifty 50 climbed 264.25 points, or 1.10 per cent, to 24,261.80.

The rally comes after both benchmarks had declined about 0.7 per cent in the previous session amid a spike in oil prices and a weakening rupee, triggered by escalating tensions linked to the Iran conflict. However, sentiment improved after Trump signalled that the United States would intervene to help free vessels stranded in the Strait of Hormuz — a key global oil transit chokepoint.

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Global crude prices have since cooled, with Brent retreating to around $109 per barrel after briefly spiking to a four-year high of $126.41 last week. The easing in oil prices is particularly supportive for India, a major crude importer, as it helps contain inflation and reduces pressure on the current account deficit.

Sectorally, gains were broad-based, with all 16 major indices trading in the green. The auto pack led the rally, with the Nifty Auto index rising about 1.7 per cent, buoyed by robust monthly sales data. Shares of Maruti Suzuki jumped over 4 per cent, while Hero MotoCorp gained around 2 per cent.

Heavyweight stocks across sectors also contributed to the upside. Hindustan Unilever rose 4.36 per cent, emerging as the top gainer on the Sensex, while Bajaj Auto and Larsen & Toubro advanced more than 4 per cent and 2 per cent, respectively. Financials and private banks, including HDFC Bank and ICICI Bank, also traded higher, supporting the broader index.

The broader market mirrored benchmark gains, with mid-cap and small-cap indices rising about 1 per cent each, signalling improved risk appetite among investors.