Business

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.




Source link

The Press Walla

The Press Walla is the India's fastest growing youth online magazine which covers all latest trending stories from entrepreneurship, business, entertainment etc

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button