Markets extend gains as oil prices cool off; Indian Oil, HPCL stocks jump

Investor appetite received a further boost after the rupee extended gains against the dollar for the third day

The stock markets extended gains on Monday as investor sentiment improved following a 6 per cent slump in global oil prices. 

Gaining for the third day, the Sensex ended at 35,165.5, up 241 points, or 0.7 per cent. The Nifty rose 83.5 points, or 0.8 per cent, to 10.688.7. Both the indices have rebounded 2.5 per cent in the last three trading sessions. In the preceding week, they had dropped 3.4 per cent each amid a sharp uptick in oil prices and drop in the rupee’s value against the dollar. 

Oil prices fell after Saudi Arabia and Russia vowed to increase production