Sensex, Nifty hit near 4-week high | Top gaining shares
India Today
Nifty 50 index rose 0.89 per cent or 143.10 points to 16,132, while the S&P BSE Sensex gained 0.8 per cent or 427.49 to 54,178.46.
The Sensex and Nifty touched a near four-week high on Thursday as metal and financial companies gained, with fears of imported inflation easing amid a decline in crude prices this week.
The NSE Nifty 50 index rose 0.89 per cent or 143.10 points to 16,132, while the S&P BSE Sensex gained 0.8 per cent or 427.49 to 54,178.46.
Brent crude futures have fallen more than 9 per cent this week as fears of a potential global recession have stoked concerns about oil demand.
India, the world's third-largest importer, stands to benefit from the drop in prices which could bring down inflation sharply, analysts said.
The Nifty metals index, which fell over 12.6 per cent in June, rose 3.8 per cent on Thursday. The Nifty bank index gained 1.7 per cent, with many banks posting strong quarterly updates.
Analysts also said selling from foreign investors reduced this week compared to the week before, besides seeing some inflows, helping Indian markets stabilize.
Foreign investors bought Indian shares worth $270 million on Wednesday. They have sold a net $273 million in Indian equities so far this week, compared with $517 million in net disposal last week, according to Refinitiv Eikon data.