Punjab Newline | New Delhi
The Indian stock market witnessed a strong rally on April 29, with the Sensex rising approximately 1,000 points to trade around the 77,900 level. The Nifty also gained nearly 300 points, crossing the 24,300 mark during intraday trade. Buying was prominently seen in auto, IT, and FMCG stocks, driving the market upward.
According to experts, the UAE’s announcement to exit the oil producers’ alliance OPEC and OPEC+ has had a positive impact on market sentiment. This move is expected to weaken OPEC’s control over crude oil prices.
With a potential increase in global supply, crude prices may decline, which would benefit major importing countries like India.
Meanwhile, Brent crude oil prices have surged past $110 per barrel amid strong global demand and rising concerns over the Strait of Hormuz a critical route for global oil supply. The geopolitical tensions around this key passage have contributed to the recent spike in oil prices.
