Indian shares rose more than 1 percent on Thursday to post their second straight day of gains as energy and mining stocks were boosted by a rise in crude oil prices, even as European shares faltered after poor corporate results. Asian stocks also rose across the board as crude oil steadied on hopes that big producers will cap output.
The NSE rose 1.17 percent to 7,191.75, not far from the session's high of 7,215.10, while the benchmark BSE rose 1.14 percent to close at 23,649.22. Foreign investors sold a net $115.42 million (7.91 billion rupees) of Indian shares on February 16, taking this year's outflow to $2.43 billion.
"Any kind of move on the global side wherein the Fed comforts the market further, will have a positive rub-off on our market," said Pankaj Pandey, head of research at brokerage ICICI Direct. Dr Reddy's Laboratories rose more than 5 percent after its board on Wednesday approved a share buyback for up to 15.69 billion rupees. Public-sector banks such as State Bank of India, Punjab National Bank and Bank of Baroda shed most gains to trade 0.3 to 0.7 percent lower.
Comments
Comments are closed.