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

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.

Bengaluru,UPDATED: Dec 9, 2022 11:06 IST

Global equities rose after China announced a shift in policy and loosened zero-Covid restrictions in a move that could restore global supply chains and curb inflation.

By Reuters: 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.

READ: Gold, silver price today, Dec 9, 2022: Precious metals record hike on MCX | Check latest rates here

Among individual stocks, One 97 Communications jumped 7%, the most in a week, after announcing that it will consider a share buyback proposal on Dec. 13.

Global equities rose after China announced a shift in policy and loosened zero-Covid restrictions in a move that could restore global supply chains and curb inflation.

Asian markets jumped on Friday with the MSCI Asia ex-Japan rising 1.15%.

Tata Steel, Hindustan Unilever, Grasim Industries, NTPC and Eicher Motors were among the top gainers in the Nifty 50 index, rising over 0.75% while HCL Technologies led the losses, shedding over 4.6%.

($1 = 82.2800 Indian rupees)

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Dec 9, 2022

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