Indian stock markets edged higher today, boosted by rupee’s gains against the US dollar and recent decline in global oil prices. The Sensex was up nearly 250 points while Nifty inched closer to 10,700. Jet Airways shares extended gains on reports that Tata Group was in talks to buy a controlling stake in the airline. Jet Airways shares were up 8%, extending their gains after surging 25% on Thursday.
Sensex rises 250 points, Nifty near 10,700, Jet Airways soars
Yes Bank shares fell 5%after OP Bhatt resigned from his CEO search panel citing conflict of interest. ONGC, Indian Oil and Oil India shares fell after Economic Times reported that the government planning to sell shares in the state-run companies to meet its divestment target.
Elsewhere, other Asian markets were mixed today after disappointing results from US chipmaker Nvidia Corp hammered its stock and sent selling rippling through the entire tech sector. The British pound also lay battered and bruised after a bout of political turmoil fanned fears the country could crash out of the European Union without a divorce deal. Asian shares had started firm after hopes for a thaw in Sino-US trade relations gave Wall Street a fillip, but a near 17% plunge in Nvidia’s stock soured the mood.
The chip designer on Thursday forecast disappointing sales for the holiday quarter, pinning the blame on unsold chips piling up with distributors and retailers after the evaporation of the cryptocurrency mining boom. Losses in semi-conductor shares dragged Japan’s Nikkei down 0.2%, while Nasdaq futures fell 0.6%.
MSCI’s broadest index of Asia-Pacific shares outside Japan erased early gains to go flat, then edged up 0.1 percent.
In commodity markets, oil prices regained a little composure after their recent drubbing, helped by a decline in U.S. fuel stockpiles and the possibility of a cut in OPEC output. US crude was trading up 39 cents at $56.85, while Brent crude rose 48 cents to $67.10 a barrel.