Indian benchmark indices opened sharply higher on Friday, tracking a rally in global markets and a decline in crude oil prices after US President Donald Trump announced that the United States had
ended the war with Iran.
The 30-share BSE Sensex surged 921.30 points to 74,753.85 in early trade, while the NSE Nifty 50 climbed 254.20 points to 23,417.25.
The positive sentiment also lifted the rupee, which appreciated 65 paise to 95.20 against the US dollar in early trade. According to forex traders, easing crude oil prices, a weaker US dollar and strong domestic equity markets supported the local currency.
At the interbank foreign exchange market, the rupee opened at 95.40 against the greenback before strengthening further to 95.20. The currency had tumbled 60 paise on Thursday to settle at 95.85 against the US dollar.
Meanwhile, Brent crude, the global oil benchmark, fell 1.07 per cent to USD 89.41 per barrel in futures trade, offering relief to import-dependent economies such as India.
Despite Friday’s rebound, foreign institutional investors (FIIs) remained net sellers, offloading equities worth Rs 1,987.09 crore on Thursday, according to exchange data.
The gains in domestic markets came amid improving global risk sentiment, with investors welcoming signs of easing geopolitical tensions in West Asia and softer crude oil prices.