Foreign buying and lower crude prices helped lift Indian stocks at Wednesday’s open, when the Nifty 50 advanced 1.17% and the Sensex rose 1.41%, Reuters reported.
At the open, the Nifty 50 stood at 25,337.8 and the S&P BSE Sensex at 82,248.68, each at its highest level since Feb. 27. All 16 major sectors opened higher, while small-cap and mid-cap shares each gained 0.7%.
Indian markets were closed Tuesday for Diwali, and the two indexes have risen about 10% this month. Reuters attributed renewed foreign portfolio investor (FPI) interest to lower crude prices, solid domestic earnings and weakness among global chipmakers.
EconoTimes previously covered a rise in Indian shares on Nov. 3 in its report on the Nifty 50.
Brent crude futures reached $89.16 a barrel Tuesday, their lowest level in two months, Reuters reported. Reuters linked the decline to U.S. officials’ remarks that lowered expectations for further military action against Iran and eased concerns about possible supply disruptions. Brent was up 0.5% at $92 Wednesday.
