Indian shares rise as financials gain, inflation fears ease

CUE API | | Updated on: Jul 06, 2022

Fall of crude oil prices by 9 per cent on Tuesday is positive for India, the world’s third-largest importer

Indian shares edged up on Wednesday, as strong quarterly performance from top non-banking financial company Bajaj Finance boosted financial stocks and a drop in crude prices eased inflation worries.

The NSE Nifty 50 index rose 0.4 per cent to 15,869, while the S&P BSE Sensex was up 0.56 per cent at 53,433.16.

Crude oil prices tumbled 9 per cent on Tuesday, hit by worries of demand destruction, which could bring down inflation for India, the world's third-largest importer.

The Nifty finance index rose 0.7 per cent, while Bajaj Finance gained 1.7 per cent after reporting strong June- quarter numbers.

Shares of domestic explorers Oil & Natural Gas Corp fell 4.2 per cent and Oil India dropped 4.4 per cent.

Asian stocks slipped and the dollar stood by a two-decade high against the euro on deepening fears that the continent is leading the world into recession.​

Published on July 06, 2022
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