On Friday, Indian shares increased due to falling crude oil prices and expectations of a recovery in global demand as a result of China relaxing its strict Covid-19 import regulations.
As of 9:20 a.m. IST, the Nifty 50 index was up 0.21% at 18,648.65, and the S&P BSE Sensex was up 0.17% at 62,699.55.
Oil prices have dropped for five straight sessions, reaching their lowest level since 2022. This is good news for nations that rely heavily on oil imports, like India, where crude makes up the majority of the cost of living.
With the exception of Nifty IT, all sectoral indices increased. Nifty PSU increased the most, gaining 0.8%. Among individual stocks, One 97 Communications jumped 7%, the most in a week, after announcing that it will consider a share buyback proposal on December 13. Global equities increased after China announced a change in policy and loosened zero-Covid restrictions in a move that could restore global supply chains and lower inflation.
On Friday, Asian markets surged, with the MSCI Asia ex-Japan index climbing 1.15%.
While HCL Technologies led the losers with a drop of about 4.6%, other top gainers in the Nifty 50 index included Tata Steel, Hindustan Unilever, Grasim Industries, NTPC, and Eicher Motors.