Indian stocks rally as crude oil drops below $95, boosting airlines and paint makers

Indian stock markets rallied Thursday as crude oil prices plunged nearly 10% below $95 a barrel, boosting shares of airlines, paint makers, tyre companies, and oil marketing firms by up to 8%. The oil price drop followed US President Donald Trump's Republican Party losing control of both Congress houses in midterm elections, raising hopes for an end to the US-Iran war and easing input and fuel costs for crude-sensitive industries. Analysts suggest sustained oil prices below $90-100 could reduce inflationary pressure, strengthen the rupee, and accelerate foreign institutional inflows, benefiting Indian equity markets in the short to medium term.