Indian equities rose Monday, with domestic institutional buying offsetting an oil spike above $85 on Iran tensions. HDFC Bank, Infosys, Wipro led; Alpha Score data shows mixed sentiment.
Indian equities rose on Monday, with the Sensex and Nifty gaining roughly 0.5% each. The move came as oil prices crossed $85 a barrel, their highest since October, according to the crude oil profile. The Iran-US military escalation typically pushes stocks lower. Domestic institutional buying absorbed the selling pressure, three traders said.
The rally was concentrated in banking and IT shares. HDFC Bank and Infosys led gains, with Wipro also rising. AlphaScala data shows HDFC Bank has an Alpha Score of 45, labeled Mixed. Infosys scores 57, Moderate. Wipro scores 46, Mixed.
Indian equities are sensitive to oil because the country imports over 80% of its crude. Higher prices also boost the energy sector, which carries weight in the index. Traders said the market is pricing in a short-lived spike. If oil stays above $90 for more than a week, the rupee would come under pressure, potentially forcing the RBI to tighten liquidity, the traders said.
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