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Nifty 50 rises toward 24,000 as Brent crude drops after US-Iran pause

Brent fell about 7% to near $90 a barrel, easing inflation and rate-hike worries and helping the rupee support equities.

Reported · Written up by our desk · Trade & Tariffs

Indian benchmark stocks climbed as crude oil prices slid after the US and Iran halted their strikes, lifting sentiment in the Nifty 50. On 27 July, the index rose 0.90%, gaining more than 200 points to an intraday high of 23,973, while the BSE Sensex jumped over 700 points to 76,768.

The rally was broad, with the Nifty Midcap 100 and Smallcap 100 each rising more than 1% during the session. The main driver was the sharp drop in benchmark Brent crude, which fell 7% to trade near $90 per barrel, reducing concerns about inflation and the prospect of central banks raising interest rates.

Oil prices fell after the US and Iran stopped their military strikes over the weekend, boosting hopes for diplomacy and steadier energy supplies through the Strait of Hormuz. The article notes the US had conducted strikes against Iran for 13 consecutive nights before the pause, with Iran retaliating against US allies in the Middle East.

Analysts cited the softer oil backdrop and supporting domestic fundamentals. Geojit Investments chief investment strategist VK Vijayakumar said the Brent drop from about $102 four days earlier to around $90 is positive for markets if de-escalation holds, while PL Capital head of advisory Vikram Kasat pointed to an encouraging Q1FY27 earnings trend, where margin compression has not materialized despite concerns about higher energy costs.

Latest closeWTI crude $90.47 ▼1.9%|Brent $98.38 ▼2.3%|Sensex 76,391.39 ▼0.5%

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