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Sensex, Nifty Shrug Off Weak Global Cues As Oil Prices Dip
(RTTNews) - Softening crude oil prices helped Indian shares shrug off weak global cues to end higher on Monday.
Oil prices were down nearly 2 percent in early European trade amid worries about weaker economic growth and demand.
India is a major importer of the commodity and hence the recent fall in oil prices will help ease imported inflation pressures.
Also helping underpin sentiment, the rupee was little changed despite USD strength in international markets ahead of a slew of central bank meetings this week.
13 central bank meetings are scheduled this week, which are certain to see borrowing costs rise across the globe.
As inflation worries mount, it remains to be seen whether the U.S. Federal Reserve will be forced to raise rates by 100 bps at the end of a two-day policy meeting on Wednesday.
The benchmark S&P/BSE Sensex shrugged off weak global cues to end the session up 300.44 points, or 0.51 percent, at 59,141.23 while the broader NSE Nifty index rose 91.40 points, or 0.52 percent, to close at 17,622.25.
Hindustan Unilever, SBI Life, Adani Ports, Bajaj Finance and Mahindra & Mahindra rallied 2-3 percent in the Nifty pack, while Power Grid Corp, Britannia Industries, JSW Steel, Tata Motors and Tata Steel lost 1-2 percent.
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