Indian shares rose for a third straight session on Tuesday on the back of positive global cues and falling crude oil prices.
Benchmarks Sensex and Nifty climbed to over three-week highs, mirroring firm global cues after Britain’s new finance minister announced a comprehensive retreat on the U.K. government’s tax-and-spending plans on Monday in a bid to calm jittery markets and restore the government’s credibility.
Oil prices fell in choppy trade after media reports suggested that the Biden administration could sell oil from the Strategic Petroleum Reserve this week in a bid to dampen fuel prices before next month’s congressional elections.
Adding to investor optimism, the Reserve Bank of India (RBI) has expressed optimism that retail inflation is set to ease from September levels on the back of easing momentum and favorable base effects.
In its monthly bulletin published on Monday, the RBI also said that broader economic activity remains resilient and poised to expand further.
The benchmark S&P BSE Sensex jumped 549.62 points, or 0.94 percent, to close at 58,960.60, marking its best closing since September 22.
The broader NSE Nifty index settled at 17,486.95, up 175.15 points, or 1.01 percent, from its previous close.
Among the top gainers, SBI Life, ITC, Eicher Motors, Adani Ports and SBI all rose about 3 percent.
Market Analysis
Sensex, Nifty Extend Gains For Third Day To Reach Three-week Highs
2022-10-18 10:30:13
