Shares rise as oil prices decline, China tensions ease

Indian shares rose to a three-week high on Friday, lifted by financial and metal companies, while a slump in oil prices and news of Indian and Chinese troops disengaging from the western Himalayan area buoyed investor sentiment.

The NSE Nifty 50 index was up 0.5% at 17,888.25, as of 0351 GMT, while the S&P BSE Sensex rose 0.51% to 59,991.07. Both indexes are on track for gains of over 2% for the week.

Aiding sentiment was news that Indian and Chinese troops had begun disengaging from the Gogra-Hotsprings border area in the western Himalayas, two years after clashes at the frontier strained diplomatic ties.

Meanwhile, worries of central banks’ aggressive rate hikes and China’s COVID-19 curbs have hit oil prices hard. India, the world’s third-largest importer of oil, benefits from a fall in prices as it brings down imported inflation.

The Nifty Bank index and the Nifty Metal index rose 0.9% and 1.4%, respectively.

Rice producers, however, slid after India banned exports of broken rice and imposed a 20% duty on overseas sale of various grades, as the world’s biggest exporter of the grain tries to augment supplies and calm local prices.

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