India’s BSE Sensex climbed 1.6% to 82,392 on Wednesday, extending its winning streak to a ninth straight session and holding at its highest level since late February. Sentiment was supported by softer crude oil prices and renewed foreign portfolio inflows.
Brent crude fell to $89.16 a barrel on Tuesday, its lowest level in two months. The decline eased concerns over India’s import bill and inflation outlook after US officials downplayed the likelihood of further military action against Iran, reducing fears of supply disruptions in the Middle East.
A rotation out of global technology and artificial intelligence stocks has also bolstered demand for Indian equities.
On the stock-specific front, Kalyan Jewellers jumped about 9.8% after the company reported a 64% year-on-year rise in second-quarter profit, alongside a 31.4% increase in revenue. Other notable gainers included ICICI Bank (up 1.4%), HDFC Bank (2.1%), State Bank of India (2.5%) and Mahindra & Mahindra (3.5%).