Indian stock markets showed continued bullish momentum during mid-morning trade, buoyed by foreign fund inflows and strong performance in the energy sector. The BSE Sensex rose by 386.95 points, reaching 80,888.94, while the NSE Nifty advanced 114.05 points to trade at 24,460.75, marking an approximate 0.5% gain for both indices.
A significant contributor to the rally was the energy sector, which responded positively to a sharp decline in crude oil prices following OPEC+’s move to boost oil supply. This led to gains in the Oil & Gas index (up 1.5%) and Energy index (up 1%). Public sector oil companies such as BPCL and Indian Oil Corporation jumped by 4%, while HPCL surged by 7%.
The decline in oil prices is expected to ease India’s import expenses and help control inflation, further enhancing investor sentiment. Meanwhile, Foreign Institutional Investors (FIIs) continued their buying spree, infusing ₹2,769.81 crore on Friday alone. FIIs have already poured over ₹4,200 crore into Indian equities in April, reversing the trend of net outflows from previous months.
Adani Group stocks experienced robust buying interest amid reports of its efforts to resolve a bribery-related legal matter with US authorities. On the flip side, Kotak Mahindra Bank declined by 5.2%, hurt by disappointing quarterly results and increased provisions for bad loans.
Global market cues were mixed but generally supportive, with US markets ending higher and South Korea’s Kospi in positive territory. Markets in Japan, China, and Hong Kong remained closed due to public holidays. Falling Brent crude oil prices, now at USD 59.05 per barrel, further bolstered the Indian market’s outlook.
Analysts attribute the market’s resilience to a mix of foreign inflows, global cues, and cooling oil prices, alongside optimism over a possible India-US trade pact.
