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BW Businessworld

Sensex Gains Around 300 Points As Crude Oil Slumps

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The BSE Sensex gains 1.47 per cent, while the broader Nifty index is up 1.51 per cent after Brent crude dropped more than $2 a barrel following a breakthrough nuclear deal between world powers and Iran over the weekend.

Falling oil prices could help contain inflation and narrow India's current account deficit given the country imports crude for most of its needs, traders say.

Shares of state-run oil marketing companies gain: Indian Oil Corp gains 2 per cent, Hindustan Petroleum Corp surges 4.8 per cent and Bharat Petroleum Corp is up 2.4 per cent.

Also, Axis Bank Ltd gains 2.3 per cent after exchange operator BSE Ltd said it will include the lender in its benchmark BSE Sensex starting on 23 December.

(Reuters)