Nifty back above 12,000 causing crude prices and currency providing temporary relief to investors

Nifty back above 12,000 causing crude prices and currency providing temporary relief to investors

After falling for two days, Indian markets rebounded on January 7, pushing the Nifty above 12,000 as the US-Iran tensions didn’t inflame further which eased crude prices and strengthened the rupee.

The Sensex rallied by about 200 points, while the Nifty gained 50 points to close above 12,050 levels.

The rupee was stronger after it rose around 71.7275 against the dollar.

Oil surrendered hefty gains and was trading around $68/bbl, Reuters data showed.The Sensex rose 192 points to 40,869, while the Nifty closed 59 points higher at 12,052.

Sectorally, the action was seen in realty, energy, finance, metals, and healthcare stocks. Profit-taking was seen in telecom, IT, consumer durables, and public sector indices.

Broader markets outperformed, as the BSE Midcap index was up 0.65 percent, while the S&P BSE Smallcap index gained nearly 1 percent.