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Indian Shares Rise On Oil Slide, China Reopening Hopes; Paytm Surges
The Nifty 50 index was up 0.21 per cent at 18,648.65 and the S&P BSE Sensex rose 0.17 per cent to 62,699.55
Photo Credit : Reuters
Indian shares rose on Friday, on a fall in crude oil prices, and on hopes of a global demand revival due to China's easing of strict COVID-19 restrictions.
The Nifty 50 index was up 0.21 per cent at 18,648.65, as of 09:20 a.m IST, and the S&P BSE Sensex rose 0.17 per cent to 62,699.55.
Oil prices fell for the fifth straight session to their lowest in 2022, bringing cheer as crude accounts for a bulk of the bill for countries such as India, which are heavily dependent on oil imports.
All the sectoral indexes barring Nifty IT climbed, with Nifty PSU rising the most with 0.8% gains. The index is on course to advance for the seventh day in a row, if gains hold.
Among individual stocks, One 97 Communications jumped 7 per cent, the most in a week, after announcing that it will consider a share buyback proposal on Dec. 13.
Global equities rose after China announced a shift in policy and loosened zero-COVID restrictions in a move that could restore global supply chains and curb inflation.
Asian markets jumped on Friday with the MSCI Asia ex-Japan rising 1.15 per cent.
Tata Steel, Hindustan Unilever, Grasim Industries, NTPC and Eicher Motors were among the top gainers in the Nifty 50 index, rising over 0.75% while HCL Technologies led the losses, shedding over 4.6 per cent.
(Reuters)