Brent crude futures fell to a two-month low of $89.16 per barrel on Tuesday after US officials played down the possibility of additional military action against Iran. The development eased concerns about potential disruptions to oil supplies.
However, crude prices recovered slightly on Wednesday, rising 0.5% to $92 per barrel.
Lower oil prices have provided some relief to India, which depends heavily on imports to meet its energy requirements. A decline in crude prices can help reduce import costs and ease pressure on the rupee.
Foreign portfolio investors (FPIs) have also returned to Indian equities after a prolonged selling period. They have purchased Indian shares worth $5.68 billion so far in November, marking their biggest monthly investment since September 2024.
The Nifty 50 and BSE Sensex have gained nearly 9% this month, supported by easing crude prices, strong domestic earnings and a selloff in global chipmakers.
