Mumbai, March 11: The Indian stock market witnessed a significant surge during Tuesday’s trading session, with the Sensex rising by 668 points or 0.68 percent to reach 78,224, while the Nifty increased by 198 points or 0.85 percent to stand at 24,225 as of 11:45 AM.
Both large-cap and mid-cap stocks showed positive momentum, with the Nifty Midcap 100 Index climbing 721 points or 1.28 percent to 56,892, and the Nifty Smallcap 100 Index gaining 274 points or 1.70 percent to 16,406.
The rise 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 percent, 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, contributing to the easing of crude oil prices.
Another factor boosting the market 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 trading.
The decline in the India VIX, which measures market volatility, is also seen as a reason for the market’s upswing. At the time of reporting, the India VIX had dropped by 15.37 percent to 19.77.
Additionally, positive trends in global markets have bolstered investor sentiment in India, with nearly all Asian markets, including Seoul, Hong Kong, Shanghai, Tokyo, Bangkok, and Jakarta, opening in the green. U.S. markets also closed positively on Monday.