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Indian shares hit near three-week high as oil declines


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BENGALURU — Indian shares hit a near three-week high on Thursday, after two straight sessions of losses, led by gains in automobile and banking stocks, and a sharp fall in global oil prices.

The NSE Nifty 50 index was up 0.67% at 17,742.30, as of 0521 GMT, while the S&P BSE Sensex rose 0.75% to 59,468.69. Both the benchmark indexes rose 1% earlier in the session to their highest since Aug. 19.

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“Even with the muted global cues, domestic equities look to be doing well on fall in oil prices, which is going to be a positive for India,” Anita Gandhi, director at Arihant Capital Markets said, adding that valuations look attractive due to a recent correction.

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Foreign investors have purchased a net $330.4 million worth of Indian shares so far this month, after pouring $6.44 billion in August, Refinitiv data showed.

Asian stocks also gained, tracking a rally in U.S. equities overnight, while oil prices tumbled to over seven-month lows on demand concerns following downbeat Chinese trade data.

India, the world’s third-largest importer of oil, benefits from a fall in prices as it brings down imported inflation.

The Nifty auto and bank indexes climbed between 1% and 1.8%, respectively. Automaker Mahindra and Mahindra added the most to the benchmark, rising 2.8%.

Among other individual stock moves, Schneider Electric Infrastructure Ltd jumped as much as 15.5% to hit an over five-year high. The company said late on Wednesday it would expand its production capacity by setting up a manufacturing unit in the Indian city of Kolkata. (https://bit.ly/3RDDBXK)

(Reporting by Rama Venkat in Bengaluru and additional reporting by Gaurav Dogra; Editing by Saumyadeb Chakrabarty and Dhanya Ann Thoppil)



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