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Indian Shares Rally On Oil Price Slide
(RTTNews) - Indian shares posted strong gains on Thursday, as oil extended losses on demand concerns, after having plunged to hit seven-month lows in the U.S. trading session overnight.
Indian bond yields dropped as oil's fall below $90 a barrel helped ease concerns surrounding inflation and additional interest-rate hikes.
Underlying sentiment was also underpinned after Wall Street clawed back from a three-week long sell-off overnight.
The benchmark S&P/BSE Sensex jumped 659.31 points, or 1.12 percent, to close at 59,688.22 - snapping a two-day losing streak.
The broader NSE Nifty index settled 174.35 points, or 0.99 percent, higher at 17,798.75.
Private sector banks topped the gainers list while metal stocks succumbed to selling pressure as the Chinese megacity of Chengdu extended a lockdown for a majority of its more than 21 million residents.
The rupee traded firm in the afternoon ahead of the ECB rate decision and a speech by U.S. Federal Reserve Chair Jerome Powell later in the day.
In remarks prepared for a speech in New York, Fed Vice Chair Lael Brainard vowed Wednesday to press the fight against inflation while being careful to avoid overtightening.
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