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Auto, IT Stocks Drive Indian Shares Higher

The NSE Nifty 50 index rose 0.7 per cent to 15,521.5, while the S&P BSE Sensex was 0.67 per cent higher at 52,166.02

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Indian shares opened higher on Thursday, with IT and auto stocks gaining, while a fall in oil prices boosted domestic sentiment.

The NSE Nifty 50 index rose 0.7 per cent to 15,521.5, while the S&P BSE Sensex was 0.67 per cent higher at 52,166.02 as of 0407 GMT.

In a pre-open comment, Prashanth Tapse, vice president (Research), Mehta Equities said Indian markets could track early gains in Asia, and a sharp fall in crude prices would boost sentiment.

Brent crude futures dropped 2 per cent to $109.50 a barrel, extending losses from the previous day, as investors worried that aggressive US interest rate hikes could dent fuel demand.

US Federal Reserve chief Jerome Powell said the central bank is not trying to engineer a recession to stop inflation, but is fully committed to bringing prices under control even if doing so risks an economic downturn. 

Mirroring sentiment, India's central bank has no choice but to raise interest rates to keep a lid on inflation expectations, Deputy Governor Michael Patra wrote in the latest MPC minutes released on Wednesday. read more

The Nifty IT index was up 1 per cent, while the Nifty Auto index gained 1.7 per cent.

(Reuters)


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