Mumbai: Indian stocks opened half a percent up after the Organisation of Petroleum Exporting Countries (Opec) said it would consider propping up supply. Brent crude fell for the third day in a row and is trading below $113.
Sensex 18544.66 +0.55%
Nifty 5550.35 +0.54%
But will the bounce back sustain? The key variables investors will monitor, apart from the oil, would be the political scenario – how the state assembly polls pan out and what populist measures the government would take, earnings upgrades and downgrades and the monetary policy stance of the central bank.
For now, realty and banking scrips lead the markets, perhaps assuaged by the fact that with oil cooling down, inflation might be brought under check and the RBI won’t be aggressive on rate hikes.
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Bankex 12553.21 +1.01%