December 7, 2022

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Sensex, Nifty Rally On Oil Price Slump, Dovish Fed Minutes

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Indian shares rallied on Thursday led by broad-based buying, with underlying sentiment boosted by falling oil prices, declining U.S. yields and a weakening dollar.

Oil extended steep overnight losses as data showed a larger-than-expected build-up in U.S. gasoline inventories.

Fears of a supply disruption also eased after reports suggested that the Group of Seven nations are seeking a price cap on Russian oil in the range of $65-70 a barrel, well above the former Soviet Union’s cost of production.

Positive global cues offered some support after the minutes of the Fed’s early-November policy meeting showed a “substantial majority” of Fed officials supported slowing down the pace of interest rate hikes at upcoming meetings.

The benchmark S&P BSE Sensex jumped 762.10 points, or 1.24 percent, to 62,272.68, extending gains for a third straight session and closing at a record high.

The broader NSE Nifty index settled 216.85 points, or 1.19 percent, at 18,484.10 after a sharp uptick in the fag end of the session.

Among the top gainers, Tata Consumer Products, Infosys, BPCL, HDFC Life and Apollo Hospitals Enterprise surged 3-5 percent.

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2022-11-24 05:24:35

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