Punjab, Oct. 5 -- Brent crude fell to around $98 - below $100 for the first time in weeks - on movement in the US-Iran ceasefire talks. The Sensex rose 0.60% to about 72,341 and the Nifty 0.73% to 22,585.70.
The number that matters is the oil price
Every session for a month has traded one variable, and it has just moved the right way.
Brent spent September between $100 and $110 on the Strait of Hormuz, a shut Saudi pipeline and a diplomatic track that kept failing. The G7's 100 million barrel reserve release helped. Progress on the ceasefire talks has done more.
At $98, the arithmetic behind India's import bill, the rupee and the inflation path all improve at once.
The rally was narrow
The indices pared early gains, with IT and auto w...