FX.co ★ Sensex, Nifty Snap Five-day Losing Streak

Indian stock markets experienced a significant uptick on Tuesday, buoyed by a decrease in oil prices from their recent peaks and political developments favoring the BJP over the Indian National Congress during the second phase of vote counting in Haryana. The BJP secured a lead with 50 seats, whereas the Congress trailed with 35.

Oil prices declined by almost 2% during European trading hours as the National Development and Reform Commission of China announced plans for further economic stimulus measures, although precise details were scarce. This development, alongside diminished concerns about potential disruptions in oil supplies, provided some relief to investors. Market participants are closely watching for more information on Israel's potential response to Iran.

Analysts suggest that an attack on Iran's oil facilities is improbable, and if Israel directs its focus elsewhere, oil prices could see a significant decrease.

The 30-share BSE Sensex index gained 584.81 points, or 0.72%, to end at 81,634.81, ahead of the Reserve Bank of India's (RBI) monetary policy announcement expected on Wednesday. Meanwhile, the broader NSE Nifty index climbed 217.40 points, or 0.88%, closing at 25,013.15.

Trent, which rose nearly 8%, led the gainers following the launch of its new lab-grown diamond brand 'Pome'. Mahindra & Mahindra, Adani Ports, Adani Enterprises, and BEL also saw strong performances, posting gains of 4-5%.