Indian stocks rose for the fifth session in a row on Monday, with both the benchmark indexes scaling record highs, led by gains in oil marketing companies as crude prices slid following protests in major Chinese cities against strict zero-COVID policies.

The NSE Nifty 50 index rose 0.27% to settle at 18,562.75, and the S&P BSE Sensex climbed 0.34% to end at 62,504.80, with both notching closing highs for the third straight session.

The indexes opened lower, amid global weakness, on worries about the protests in China over strict COVID-19 curbs. But they reversed course to hit all-time intraday highs as oil prices continued their slide on demand worries from top importer China. Those worries hit major Asian and European markets. [O/R] [MKTS/GLOB]

Oil prices have fallen to just above $80 per barrel, which is positive for our oil import-dependent economy, said Ajay Menon, MD & CEO, Broking & Distribution at Motilal Oswal Financial Services.

India imports more than two-thirds of its oil requirements and a fall in global crude should help lower imported inflation and reduce the pressure on the central bank to raise rates.

The Nifty Midcap 100 and Nifty SmallCap 100 also rose 0.73% and 1.23%, respectively.

Reliance Industries, India’s most valuable company, was the biggest boost to the Nifty, climbing 3.44%.

The oil-to-chemicals conglomerate also helped lift the energy index along with Bharat Petroleum Corp, Hindustan Petroleum Corp, Indian Oil Corp and Oil India Ltd. The index gained 1.6%

Tyre makers also gained due to the slide in oil prices, which is a key raw material. Apollo Tyres, CEAT Ltd and JK Tyre rose between 6.5% and 12%.