Indian Indices Rebound, Oil Prices Surge Amid Strong U.S. Demand

14 Mar 2024 , 01:56 PM

Indian benchmark indices recovered from early losses and surged upwards on Thursday.

At 1 pm, the Sensex rose by 447.90 points (0.62%) to 73,209.79, while the Nifty gained 158.60 points (0.72%) to reach 22,156.30. All sectoral indices displayed gains, with the Metal index leading, followed by Oil & Gas, PSU Bank, Consumer Durables, and IT sectors.

Oil & Gas, Power, Telecom, and Media sectors saw increases of 2-3% in their respective indices. BSE Midcap and Smallcap indices also rose by 2-3%.

Adani Enterprises, Adani Ports & SEZ, Hindalco, Hero MotoCorp, and Infosys were the top gainers on the Nifty 50, while JSW Steel, Tata Steel, Dr Reddy’s, Axis Bank, and HDFC Bank were the top losers.

Oil prices climbed due to strong demand in the U.S. following a decrease in gasoline stocks and unexpected drops in crude stockpiles. Brent futures for May rose to $84.14 a barrel, while April U.S. West Texas Intermediate (WTI) crude increased to $79.82 per barrel.

Elevated U.S. demand outlook and geopolitical tensions contributed to a 3% rise in both contracts to a four-month high on Wednesday.

Foreign institutional investors (FIIs) sold shares worth ₹4,595.06 Crore, while domestic institutional investors (DIIs) purchased stocks worth ₹9,093.72 Crore on March 13, according to provisional data from the NSE.

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