Sensex gains over 200 points as crude oil slumps

The BSE Sensex and the Nifty gained around 1 percent, after Brent crude dropped more than $2 a barrel following a breakthrough nuclear deal between world powers and Iran over the weekend.

The Sensex was up 209 points at 20,426 while Nifty added 67 points to 6,062.

Falling oil prices could help contain inflation and narrow India's current account deficit given the country imports crude for most of its needs, traders say.

Shares of state-run oil marketing companies gained: Indian Oil Corp rose 2.5 per cent, Hindustan Petroleum Corp surges 6.1 per cent and Bharat Petroleum Corp was up 4.5 percent.

Also, Axis Bank Ltd gained 2.7 percent after exchange operator BSE Ltd said it will include the lender in its benchmark BSE Sensex starting on December 23.