A man looks at a screen showing budget news, on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, February 1, 2022. REUTERS / Francis Mascarenhas
BENGALURU, June 27 (Reuters) – Indian stocks rose to their highest level in more than two weeks on Monday, while stocks of technology and metals took the lead on the rise as lower oil prices eased fears of inflation.
The NSE Nifty 50 (.NSEI) index rose 1.2% to 15,887.15 from 05:00 GMT, and the S&P BSE Sensex (.BSESN) rose 1.16% to 53,340.36, on track for a third session of growth.
Wider Asian counterparts also advanced after major Wall Street indexes rose sharply on Friday as oil fell to demand concerns, easing fears of prolonged inflation and aggressive tightening by the U.S. Federal Reserve.
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“Given that commodities have fallen sharply, there is an expectation that the Fed may not be so aggressive in politics, and this has allayed fears of a recession,” said Aishvarya Dadheech, fund manager at Ambit Asset Management in Mumbai. This may interest you : NBCUniversal, Google’s leading campaigner to partner with Netflix for its ad support program – WSJ.
“But this is just a glimmer of hope in a difficult time that investors are clinging to. Unless there is better clarity on inflation in the coming months, markets will be left aside.”
The Nifty IT Index (.NIFTYIT) was the best-performing sub-index in Mumbai, jumping nearly 3% to its highest level since June 10, driven by 2.8% growth in the heavyweight category of Infosys (INFY.NS).
The Nifty Metal (.NIFTYMET) index, which has fallen sharply this month so far, rose as much as 2.8%. Hindalco Industries (HALC.NS) was the best on the Nifty 50, advancing to 4.9%.
Food delivery company Zomato (ZOMT.NS) fell as much as 5.7% after rising 3.1% in early trade after an agreement to buy local grocery delivery startup Blinkit for Rs 44.47 billion (567, $ 94 million). Read more
Welspun Corp. (WGSR.NS) jumped 4.8% after the steelmaker said it had received orders worth 6 billion rupees.
Gaming platform Nazara Technologies (NAZA.NS) rose 7.1% to its highest level in nearly seven weeks after saying it would buy a stake in sports media company Absolute Sports.
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Reporting by Chris Thomas in Bengaluru; Editors Amy Caren Daniel and Subhranshu Sahu To see also : Nikola founder asks judge to block evidence of “wealth”, “lifestyle” in fraud case.
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