Indian benchmark indices climbed to the day's high on Monday, with the NSE Nifty 50 reclaiming the 24,000 mark and the BSE Sensex rising more than 800 points, as improving global cues, a sharp decline in crude oil prices and easing geopolitical tensions supported investor sentiment.
The Nifty 50 rose as much as 1% to 24,008.55, while the Sensex advanced 839 points, or 1.1%, to 76,898.57 during the session.
Global Markets
Asian equity markets ended higher across the board, providing positive cues for Indian equities. Australia's S&P/ASX 200 gained 1.39%, Shanghai Composite rose 1.15%, Hang Seng advanced 0.98%, South Korea's Kospi climbed 0.97%, Japan's Nikkei 225 added 0.50%, while the Nifty 50 also traded nearly 1% higher.
Crude Drops
International benchmark Brent crude futures for September delivery fell 7.3% to about $89.73 a barrel. U.S. West Texas Intermediate crude futures for September delivery declined 6.5% to $83.47 a barrel.
Lower crude oil prices are generally viewed as supportive for India, one of the world's largest oil importers, as they help ease import costs and inflation concerns.
Middle East Calm
Investor sentiment also improved after a temporary pause in hostilities between the United States and Iran appeared to hold.
The U.S. military halted two weeks of strikes on Friday as diplomats sought to give peace talks "some space." Iran has also refrained from military operations against regional targets in recent days and said it would reciprocate following a China-led effort to revive stalled diplomatic talks in Pakistan.
The prospect of reduced geopolitical tensions, alongside lower oil prices and gains across Asian markets, helped lift Indian equities to the day's high.
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