GIFT Nifty Futures recorded more than 350 points rally on April 17 after the closing of Indian equity markets for the week, tracking a 10 percent sharp correction in oil prices following the opening of the Strait of Hormuz by Iran. The Strait of Hormuz is an important waterway through which around 20 percent of global oil supply gets transited. Iran announced the opening of the Strait for all commercial ships during a 10-day ceasefire between Israel and Lebanon.
Brent crude tumbled 9.65 percent to US$ 88.72 a barrel, touching an intraday low of US$ 86.09 a barrel. The GIFT Nifty Futures traded at 24,812, up 392 points (1.61 percent). The Nifty 50 rallied 157 points (0.65 percent) to close at 24,354, and the BSE Sensex soared 505 points (0.65 percent) to 78,494. Foreign Institutional Investors net bought more than Rs 1,700 crore worth shares in the last three days.
