"The BSE Sensex rose 1.35% as of 11 a.m. local time, while the NSE Nifty 50 Index was up 1.37%. Both indices had previously fallen more than 3.3%, reaching their lowest point in nearly a year."
"The sell-off was largely driven by a sharp rise in Brent crude oil prices, which climbed well above $118, close to their highest level since 2022."
"Energy experts say the damage will have a severe impact on global LPG supply, particularly as India imports 65% of its LPG needs, with 90% transiting through the Gulf of Hormuz."
"Israel stated it would continue striking Iranian infrastructure but would refrain from targeting South Pars, offering investors a glimmer of hope."
India's BSE Sensex and NSE Nifty 50 Index rose by 1.35% and 1.37% respectively after a sell-off that erased nearly Rs 12 lakh crore in investor wealth. The previous decline was attributed to a spike in Brent crude oil prices, which exceeded $118, amid threats from Iran regarding Israeli attacks. The situation escalated with attacks on Qatar's LNG facilities, impacting global LPG supply. Israel's decision to avoid targeting the South Pars gas field provided some optimism for investors.
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