FE Today Logo

India's Nifty 50 hits record high as oil firms jump

November 29, 2022 00:00:00

BENGALURU, Nov 28 (Reuters): India's blue-chip Nifty 50 stock index hit a record high on Monday, hours after the benchmark Sensex also hit an all-time high, boosted by oil marketing companies as crude prices slid on demand concerns due to protests in China over COVID-19 curbs.

The NSE Nifty 50 index jumped 0.53 per cent to an all-time high of 18,611.05, breaking a record it held since Oct. 19, 2021. Earlier in the day, the S&P BSE Sensex index rose 0.61 per cent to an all-time high of 62,674.49.

The gains in Indian equities defied the weakness in other Asian markets, which fell as rare protests in major Chinese cities against strict zero-COVID curbs raised concerns about the growth implications for the world's second-largest economy.

Those concerns also caused a slide in oil prices as China is a top importer. However, in general, oil-importing countries like India tend to benefit from lower crude prices.

The gains in Indian oil companies were led by Reliance Industries, India's most valuable company, which surged 3.64 per cent. Oil marketing firm Bharat Petroleum Corp jumped 4.31 per cent.

Share if you like