Indian stock indices extend gains on softening crude prices
Jul 07, 2022
New Delhi [India], July 7 : Indian stock indices extended their gains from the previous session closing and traded in the green in early trade Thursday.
At 9.48 a.m, Sensex was at 54,081.15 points, up 330.18 points or 0.61 per cent, whereas Nifty was at 16,088.95 points, up 99.15 points or 0.62 per cent.
Among the individual stocks, Titan, BPCL, NTPC, Asian Paints, Power Grid Corporation of India were the top five gainers among the Nifty 50 companies, while Bajaj Finserv, Reliance, Bajaj Finance, Cipla, and Brittania were the top five losers.
"Softening crude oil prices, foreign investors repositioning to net buyers and strong business data from lenders tempered optimism in domestic equities. Crude prices fell over recessionary fears, however, the fall has boosted the appetite for consumption, chemicals, logistics and oil manufacturing companiess as it will reduce the cost burden of these sectors," said Vinod Nair, Head of Research at Geojit Financial Services.
Global crude oil prices plummeted sharply for the first time since the Russian invasion of Ukraine, on growing concerns about a US recession that could potentially hurt demand for the commodity.
Other Asian stocks too were largely higher Thursday as oil prices slipped further back from $100 a barrel as investors weighed the US Fed's determination to tackle inflation even at the expense of slower economic growth, said Deepak Jasani, Head of Retail Research, HDFC securities.
