Indian Shares Rise

In the previous session, the indices ended a streak of gains spanning seven sessions. Due to a holiday, the market was closed on Wednesday.
The performance of metal stocks and other Asian equities helped Indian shares trade higher on Thursday as sentiment improved amid rising anticipation that major central banks may moderate their hawkish attitude on rate hikes.
As of 03:52 GMT, the S&P BSE Sensex was up 0.63% at 59,916.84 and the NSE Nifty 50 index was up 0.66% at 17,772.90.

In the previous session, the indices ended a streak of gains spanning seven sessions. Due to a holiday, the market was closed on Wednesday.

Gains in the domestic market, however, are probably going to be modest as early Asian trade on Thursday saw an increase in the price of oil globally following a session-high increase of more than 3% fueled by record-breaking U.S. crude shipments. [O/R]

India is the third-largest importer and user of oil in the world, and an increase in crude prices directly affects inflation.

According to preliminary statistics made public by the National Stock Exchange, foreign institutional investors sold shares for a net 2.47 billion Indian rupees ($30.12 million) on Tuesday, while local investors purchased shares worth a net 8.73 billion rupees.

In anticipation of major central banks beginning to limit the rate of interest rate increases in the months ahead, Asian markets increased on Thursday. With a 1.59% increase, the MSCI’s broadest index of Asia-Pacific equities outside of Japan was poised to post gains for a third straight session.

The metal index of the Nifty, which increased by 2% in early domestic trading, outperformed all other sectors. With increases of more than 3% apiece, JSW Steel Ltd. and Hindalco Industries Ltd. led gains on the Nifty 50 index.