Stock markets snap five-day fall; Sensex jumps 776 pts on sharp drop in crude oil prices

New Delhi: Stock markets snapped the five-day losing streak on Monday, with the benchmark Sensex jumping by 776 points following a sharp decline in crude oil prices amid easing tensions in West Asia.

The 30-share BSE Sensex jumped 776.01 points, or 1.02 percent, to settle at 76,835.78. During the day, it soared 841.74 points, or 1.10 percent, to 76,901.51.

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The 50-share NSE Nifty surged 228.50 points, or 0.96 percent, to end at 23,995.95, ending its five-day losing trend.

Among Sensex firms, Eternal jumped the most by 5.70 percent. InterGlobe Aviation, Infosys, Bajaj Finance, Asian Paints and Mahindra & Mahindra were also among the gainers.

HDFC Bank, Power Grid and Axis Bank were the laggards.

Brent crude, the global oil benchmark, tanked 9.40 percent to USD 87.64 per barrel.

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"A pause in strikes in West Asia has eased concerns over rising import costs and inflation, triggering a relief rally in markets. The sharp correction in crude oil prices, along with a decline in long-term bond yields, has also raised hopes of a durable resolution, supported by signs of long unwinding," Vinod Nair, Head of Research, Geojit Investments Limited, said.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,892.77 crore on Friday, according to exchange data.

In Asian markets, South Korea's KOSPI, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index ended higher.

Markets in Europe were trading higher. US markets ended mostly higher.

On Friday, the Sensex declined 331.62 points, or 0.43 percent, to settle at 76,059.77. The Nifty dipped 102.15 points, or 0.43 percent, to end at 23,767.45.

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