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[BUSINESS] · India · 43 sources

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Indian markets rally on lower crude and rupee strength after Trump delays Iran strike

Indian equity markets surged on Monday, August 3, as the BSE Sensex closed at 78,639.03 points and the NSE Nifty 50 at 24,774.30 points, driven by a sharp fall in global crude oil prices after U.S. President Donald Trump announced a hold‑off on planned strikes against Iran. Brent crude dropped more than 5 % to around $83‑84 per barrel, weakening the dollar and supporting the Indian rupee, which rose to about 95.12 per U.S. dollar in early trade.

Renewed foreign institutional investor (FII) inflows of roughly Rs 277‑295 crore added liquidity, while the Reserve Bank of India’s Monetary Policy Committee began its three‑day meeting, with markets expecting the repo rate to remain unchanged. A new SEBI closing‑auction rule introduced on the same day also triggered a 200‑point jump in the Nifty at the close.

Broad‑based buying across banking, FMCG, metal, cement and other sectors lifted the indices, with the rally supported by easing geopolitical tensions, lower oil prices and a resilient domestic earnings outlook.

Entities

BSE Sensex · Brent crude · Central Bank of India (RBI) · Central Bank of Nigeria · Crude oil · Donald Trump · Foreign Institutional Investors · Indian equity market · Indian rupee · Naira · Nifty · Nifty 50

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Sources

Sensex soars over 700 points [www.nagpurtoday.in]