Sensex ripping over 900 points into the 76,300 zone while Nifty sits comfortably above 23,950 – that oil drop is doing real work today.

Brent sliding more than 5% to around $98 is the obvious catalyst, flipping the risk-on switch hard. Auto and bank names are leading the charge, which makes sense when input costs ease and sentiment improves at the same time.

Apollo Micro catching the biggest move – up 11.56% to Rs 396.10 on solid volume. Defense plays often ride these broader risk rallies, but the size here suggests more than just sympathy buying. Lower crude can ease some margin pressure across the board, and the street seems to be pricing that in quickly.

What I’m watching: whether Nifty can keep the 23,950 handle without giving it back on any late-session oil bounce. The move feels relief-driven rather than conviction-driven so far, but the volume on names like Apollo tells you the dip-buyers are still active.

Anyone else seeing this as a classic oil-relief squeeze in Indian defensives, or is there more to the tape than meets the eye?