A decline in global Brent crude oil price on Wednesday has led to a strong rally in the Indian markets.
A decline in the global Brent crude oil price to around $81 per barrel on Wednesday led to a strong rally in the Indian markets. The benchmark Sensex at the Bombay Stock Exchange rose by over 190 points to hit an all time high of 28,101 and the broader Nifty hit the 8,400 mark for the first time.
Getting support from major Asian markets such as Japan, Hong Kong and Indonesia, domestically the market was driven by gains in auto and banking sector stocks as they rose significantly on Wednesday.
Tata Motors and Bajaj auto were the biggest Sensex gainers as they were up by 2.6 and 2.5 per cent respectively.
The mid cap and the small cap indices too rose up by 0.8 and 0.7 per cent respectively. The advance to decline ratio stood strongly in favour of the advances and it stood at 1.75.this means that for every four stocks declining thee were seven stocks that rose the the BSE.