Indian Shares Rally As Oil Prices Slump
(RTTNews) - Indian shares opened sharply higher on Thursday, mirroring positive global cues as oil prices slumped and Treasury yields pulled back, helping cool investor concerns about inflation and interest-rate hikes.
Investors also reacted positively to Fed Vice Chair Lael Brainard's comments on bringing inflation down without going too far.
The benchmark S&P/BSE Sensex rallied 540 points, or 0.9 percent, to 59,570 in early trade, while the broader NSE Nifty index was up 150 points, or 0.9 percent, at 17,774.
BPCL, HPCL and IOC jumped 2-4 percent after oil prices plunged to reach seven-month lows in the U.S. trading session.
Tech Mahindra, Asian Paints, Bharti Airtel and ICICI Bank all rose about 2 percent.
Automakers such as Tata Motors, Maruti Suzuki India and Bajaj Auto were seeing modest gains.
Industry data showed that total vehicle retail sales posted 8 percent growth year-on-year in August.
Adani Group stocks were broadly higher. After calling the $200 bn group "deeply overleveraged", Fitch Group's debt research unit CreditSights said it had made calculation errors in the report on two Adani companies.
Dr. Reddy's gained 0.6 percent after launching Lenalidomide capsules in the United States.
NDTV shares fell 5 percent. The Adani Group's open offer to acquire additional 26 percent stake at Rs 294 per share in the company will begin on October 17 and end on November 01.
HDFC Bank added 0.7 percent after increasing its marginal cost of funds-based lending rate.
Axis Bank rose over 1 percent after it entered into a partnership with branchless banking network PayNearby.
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