Tuesday, June 25, 2024

Indian shares rise on oil slide, China reopening hopes; Paytm surges

Indian shares rose on Friday, on a fall in crude oil prices, and on hopes of a global demand revival due to China’s easing of strict Covid-19 restrictions.

The Nifty 50 index was up 0.21% at 18,648.65, as of 09:20 a.m IST, and the S&P BSE Sensex rose 0.17% to 62,699.55.

Oil prices fell for the fifth straight session to their lowest in 2022, bringing cheer as crude accounts for a bulk of the bill for countries such as India, which are heavily dependent on oil imports. All the sectoral indexes barring Nifty IT climbed, with Nifty PSU rising the most with 0.8% gains. The index is on course to advance for the seventh day in a row, if gains hold.

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