Indian Shares End Notably Higher As Oil Prices Retreat
(RTTNews) - Indian shares reversed course to end notably higher on Monday as investors closely monitored the situation in the Middle East and awaited an upcoming Federal Reserve interest-rate decision.
Easing oil prices tempered inflation concerns ahead of the Federal Reserve's October 27-28 meeting, with most economists expecting no rate change.
Oil prices fell more than 2 percent, retreating from a six-month high reached on Friday amid reports of diplomatic efforts to reduce regional tensions in West Asia.
A Qatari delegation arrived in Tehran on Sunday as part of renewed diplomatic efforts to de-escalate reginal tensions in coordination with the United States.
Saudi Arabia partially resumed operations at King Khalid International Airport in Riyadh on Sunday, even as Yemen's Iran-aligned Houthis vowed to keep striking the facility, calling it a "military target."
Also, Singapore and Saudi Arabia have announced plans to store Saudi crude oil in the underground Jurong Rock Caverns from the second half of 2027 as part of a plan to cope with disruptions from the U.S.-Iran war.
The benchmark 30-share BSE Sensex closed up 482.92 points, or 0.66 percent, at 73,606.75 while the broader NSE Nifty index surged 153.20 points, or 0.68 percent, to 22,753.20.
The BSE mid-cap and small-cap indexes jumped 1.2 percent and 0.9 percent, respectively.
The market breadth was strong on the BSE, with 2,424 shares rising while 2,002 shares declined and 250 shares closed unchanged.
Among the top gainers, Tata Steel, Trent, Kotak Mahindra Bank, Eternal and Adani Ports rallied 2-3 percent.
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