FE:BSE Sensex surges as oil prices drop after Iran deal
BSE Sensex rallied on Monday as a drop in global crude prices after Iran's deal with world powers to curb its nuclear programme sparked hopes of reduced inflationary pressures and a narrower current account deficit (CAD) at home.
Markets Top Gainers, Markets Top Losers
Bank shares led the gains on hopes falling inflation would reduce the chances of continued rate hikes from the Reserve Bank of India.
ICICI Bank surged 5.2 percent, while HDFC Bank rose 2.8 percent.
Shares of state-run oil marketing companies also gained after Brent crude dropped more than $2 a barrel on Monday. Indian Oil Corp gained 2.7 percent, while Hindustan Petroleum Corp surged 5.8 percent.
The NSE Nifty was up 2 percent as of 0946 GMT, while the benchmark BSE index was 1.9 percent higher.
