Sensex, Nifty inch up on gains in IT stocks

Indian shares edged higher on Friday as gains across tech stocks offset losses in the banking sector, while global markets were mixed over recession worries in Europe.

The NSE Nifty 50 index was up 0.07% at 17,976.5, while the S&P BSE Sensex edged up 0.09% at 60,350.29.

Oil&Gas stocks up, banks down

India on Thursday raised taxes on fuel exports after cutting them a little over two weeks ago, and slashed a windfall tax on locally produced crude oil, according to a government notification.

Shares of oil-to-telecom conglomerate Reliance Industries Ltd fell 0.6%.

Oil producer Oil and Natural Gas Corp and miner Vedanta Ltd were up 1.3% and 0.5%, respectively.

The Nifty IT index was up nearly 1%, while the Nifty Bank index fell 0.26%.

Asian shares were left in limbo, while the US dollar made all the running as recession clouds loomed over Europe, highlighting the relative outperformance of the US economy.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.3%, and Chinese blue chips were flat, while South Korea lost 0.5%. Japan’s Nikkei fared better with a 0.3% gain due in part to a renewed slide in the yen.

Published on

August 19, 2022

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