Punjab, Sept. 22 -- Overnight in New York the S&P 500 rose 1.49% and the Dow 0.71%. Brent steadied near $101.7 after a fourth consecutive daily fall. GIFT Nifty is quoted at 23,495, up 49 points, pointing to a positive open.
What is driving it
Technology led the Wall Street rally, and Asian markets followed it up this morning.
The bigger contributor for Indian assets is oil. Four straight down days have taken Brent from nearly $110 at the peak of the Saudi pipeline scare to roughly $102, as the market priced in Saudi Arabia's plan to restore about half the East-West line's capacity within days.
Every rupee of that decline helps India's import bill, the rupee and the inflation path at once. It is currently doing more for sentiment than a...