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Benchmark Indices Make Small Gains To Continue Winning Streak

Rising oil prices put pressure on the rupee , which ended at a record closing low of 78.77 per dollar, after falling to an all-time low of 78.84 in the session

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Indian shares recouped early losses to close higher on Tuesday as oil explorer ONGC and aluminium producer Hindalco rose on a rebound in commodity prices after China relaxed some COVID-19 curbs.

The NSE Nifty 50 index (.NSEI) ended 0.11 per cent higher at 15,850.2, and the S&P BSE Sensex (.BSESN) edged up 0.03 per cent at 53,177.45 in last-hour buying, managing to gain for a fourth straight day after falling up to 0.7 per cent each earlier in the session.

Rising oil prices put pressure on the rupee, which ended at a record closing low of 78.77 per dollar, after falling to an all-time low of 78.84 in the session.

China eased some quarantine requirements for international arrivals on Tuesday, raising hopes for stronger growth and a revival in demand for commodities, pushing broader stocks and prices of metals and crude higher.

State-owned ONGC was the top Nifty percentage gainer, rising 5.6 per cent to log its best session since mid-May. Hindalco Industries (HALC.NS) climbed 4.1 per cent, gaining for a fourth straight session.

The Nifty Metal index (.NIFTYMET) rose 1.7 per cent and the Nifty Energy index (.NIFTYENR) added 1 per cent. The Nifty Auto index (.NIFTYAUTO) climbed 1.3 per cent, boosted by a 2.7 per cent rise in Mahindra and Mahindra (MAHM.NS).

Coal India (COAL.NS) advanced 2.7 per cent to a near two-week high.

Meanwhile, shares of Titan Company (TITN.NS) slumped 3.5 per cent, while Asian Paints (ASPN.NS), which uses crude derivatives, slid 3.4 per cent, marking its worst day since May 25.

Food delivery firm Zomato (ZOMT.NS) plunged 8.4 per cent, costing investors nearly USD 1 billion over two sessions after announcing a deal to buy local grocery-delivery startup Blinkit last week. read more

Despite the benchmark indexes' multiple-session winning run, they are on course for their worst month since the pandemic-hit March of 2020 due to hefty losses earlier in June on inflation and interest rate worries.

(USD 1 = 78.3000 Indian rupees)


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