BENGALURU (Reuters) -Indian shares inched up on Thursday on gains in energy stocks after oil prices fell overnight, while losses in Kotak Mahindra Bank after a senior executive’s resignation capped gains.
The blue-chip Nifty 50 edged up 0.16% to 22,641.65 points and the S&P BSE Sensex appreciated 0.21% to 74,633.12.
The broader, more domestically-focussed small- and mid-caps rose about 0.2% each, mirroring the benchmarks.
Global oil prices fell to a near-seven week low overnight, which is seen as a positive sign for inflation expectations in India, the world’s third-largest importer and consumer. [O/R]
The Nifty energy index gained 0.4% while the Nifty Oil and gas index inched up 0.1%.
Bharat Petroleum, Power Grid Corp gain 2.2% and 3.3%, respectively to lead gains in the energy index.
Meanwhile, shares of Kotak Mahindra Bank lost 4% after the private lender said on Tuesday its joint managing director KVS Manian has resigned after two months in the role.
Kotak was the top loser in the Nifty bank index, which was mostly flat.
The IT index fell 0.2% after the U.S. Federal Reserve put a red flag on recent disappointing inflation readings that could delay interest rate cuts, with Coforge down 0.5% to lead losses.
Higher interest rates have been weighing on India’s IT sector, as it has resulted in lower client spending the U.S, a key market.
(Reporting by Manvi Pant in Bengaluru; Editing by Rashmi Aich and Varun H K)
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