Indian Shares Rise on Falling Crude Prices, Energy Stocks Lead Gains

8 Nov 2023 , 01:31 PM

Indian shares rise with a focus on energy stocks as crude prices decline. Sensex trades at Rs 65,022, marking a 0.12% increase from the previous day. Nifty stands at Rs 19,450, showing a 0.22% increase from the previous close.

Energy and oil & gas sectors lead the gains, up by 0.5% and 1%, respectively. Bharat Petroleum Corporation emerges as the top gainer in Nifty 50, rising by 3%.

High weightage financials dip by 0.2% after four consecutive sessions of gains. ICICI Bank, SBI Life Insurance, Bajaj Finance, and Kotak Mahindra Bank are among the top Nifty 50 losers.

Small- and mid-cap stocks outperform blue-chips, with gains of over 0.75%. Wall Street equities advance, while U.S. Treasury yields drop on hints of the Fed nearing the end of the rate hike cycle.

Asian markets remain stable. Investors await insights from Fed Chair Powell for clues about the central bank’s rate outlook.

Brent crude futures remain near a three-month low due to concerns about demand in China and the U.S. Apollo Tyres gain 6% on strong Q2 profit driven by higher auto sales.

Prestige Estate Projects hit a record high with a six-fold increase in net profit in the September quarter.

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