Mumbai, March 11: The Indian stock market witnessed a significant surge on Tuesday, with the Sensex rising by 668 points or 0.68 percent to reach 78,224, while the Nifty climbed 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 up by 721 points or 1.28 percent at 56,892, and the Nifty Smallcap 100 Index gaining 274 points or 1.70 percent to reach 16,406.
The surge in the Indian Stock Market is attributed to a decline in crude oil prices. Following statements from U.S. President Donald Trump, Brent crude oil fell by 6 percent, nearing $92 per barrel, down from a high of $119 per barrel on Monday.
In an interview with U.S. media, Trump indicated that the war with Iran is nearing an end, leading to a softening of crude oil prices.
Another factor contributing to the market’s rise is the strengthening of the Indian rupee against the dollar. As the market opened on Tuesday, the rupee maintained its strength, with a high of 91.72 and a low of 92.33 against the U.S. dollar during the trading session.
The decline in the India VIX, which reflects market volatility, is also seen as a reason for the bullish trend in stocks. As of the time of reporting, the India VIX had dropped by 15.37 percent to 19.77.
Additionally, positive trends in global markets have boosted investor sentiment in India. Most Asian markets, including Seoul, Hong Kong, Shanghai, Tokyo, Bangkok, and Jakarta, opened in the green, while U.S. markets also closed positively on Monday.