The Indian equity market opened in the green on Monday, tracking positive global cues and the settlement of the crisis in West Asia.
Both indices witnessed a strong rally in early morning trade as investor sentiment returned to Indian markets. At 9:30 am, the BSE Sensex surged 1.54 per cent or 1,160 points to 76,688, while the Nifty 50 climbed 1.44 per cent or 340.40 points to 23,963.30.
Experts expect investor sentiment to improve across asset classes, with India likely to see a recovery after recent underperformance.
The RBI’s forex swap facilities for external commercial borrowings and FCNR (B) deposits are expected to support liquidity and foreign currency inflows.
Meanwhile, Asian markets also rallied during early morning trade, reflecting improved investor sentiment.
While markets are witnessing a rally on Monday, investors will keenly track the formal signing of the deal on Friday, the reopening of the Strait of Hormuz, and foreign institutional investor flows.
The rupee opened 41 paise stronger at 94.70 per US dollar, buoyed by reports of the US and Iran reaching an agreement to end the West Asia crisis.
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