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Indian equity benchmarks extended gains for the fourth consecutive trading session. The NSE Nifty 50 rose as much as 0.6% to 24,414.65, while the BSE Sensex rose as much as 0.6% or 477 points to 78,241.27.
Meanwhile, oil prices extended losses as improving crude flows through the Strait of Hormuz and OPEC+’s decision to raise production targets increased expectations of higher global supply. Brent crude slipped below $72 a barrel, while West Texas Intermediate traded near $68. Tanker traffic through the Strait of Hormuz has been normalising after several vessels resumed journeys through the waterway.
Elsewhere, Asian markets traded mixed on Monday as investors awaited minutes from the US Federal Reserve’s June policy meeting. South Korea’s Kospi rose 1.08%, while Japan’s Nikkei 225 slipped 0.25% and Australia’s ASX 200 edged 0.08% lower. Investors are tracking lower oil prices, currency moves and the Fed minutes due Wednesday for cues on inflation and interest rates.