Both indexes have been swayed in recent weeks by fears that active monetary policy tightening to tackle high inflation could impede economic development.
Digital Desk: A surge in oil and technology sectors lifted Indian equities to a higher close on Thursday, snapping a four-session losing skid fueled by concerns over global central banks' aggressive policy tightening.
The NSE Nifty 50 index jumped 0.74 percent or 121.85 points to 16,478.10, while the S&P BSE Sensex rose 0.78 percent or 427.79 points to 55,320.28, marking its highest day ever since the start of the month.
Both indexes have been swayed in recent weeks by fears that active monetary policy tightening to tackle high inflation could impede economic development.
The Reserve Bank of India hiked its key rate by 50 bps on Wednesday, following an off-cycle boost last month, and indicated that further tightening is on the way.
Meanwhile, energy stocks on the Nifty Energy index led the gains on Thursday, rising 1.2 percent as crude prices rose on the back of strong trade data from China, the world's largest oil user.
The technology, pharmaceutical, and infrastructure sub-indices ended the day with a 1% each. Real estate stocks settled at 0.26 percent after falling as much as 1.4 percent earlier in the session.
Globally, stocks were lower ahead of a European Central Bank meeting, where the ECB is likely to announce that it is ready to hike interest rates for the first time.
Continue Reading
