The gains made by Indian stock indices were extended from the previous session’s close and traded in green early Thursday.
Sensex was at 54.081.15 points at 9.48 a.m. This was up 330.18 or 0.61 Percent, while Nifty stood at 16,088.95 Points, which was up 99.15 per cent or 0.62 Percent.
Among individual stocks, Titan and BPCL, NTPC were the top five gainers of the Nifty 50 companies. Brittania, Reliance and Bajaj Finance were the top five losers.
“Softening crude oils prices, foreign buyers repositioning to net purchasers and strong business data provided by lenders temper optimism in domestic equity markets. “Crude oil prices dropped due to recessionary fears. However, the fall has boosted consumption, chemicals and logistics as it will lower the cost burden for these sectors,” Vinod Nair (Head of Research at Geojit Financial Services), said.
Due to growing fears about a US recession, global crude oil prices plunged sharply on the first day following the Russian invasion.
Other Asian stocks also rose on Thursday, as oil prices dropped further from $100/barrel. This was due to investors taking into account the US Fed’s determination not to allow inflation, according Deepak Jasani of HDFC Securities, Head of Retail Research.