Indian shares up as oil eases; Nifty derivatives expiry spurs volatility

According to Business Recorder, Indian shares turned positive on Tuesday as oil touched its lowest level in a week, even as trading stayed choppy before the monthly Nifty contracts expired under a fresh closing-auction mechanism. The Nifty climbed 0.48% to 24,334.55, while the BSE Sensex gained 0.37% to finish at 77,656.09. Crude slipped 3.2% to $89.20 a barrel as traders looked past fresh U.S. sanctions against Iran.

Analysts said Washington's switch from military pressure to economic sanctions offered markets brief support, and that oil's trajectory in the sessions ahead will matter greatly for global stocks. Hindustan Copper slid 7.2% after the government proposed disposing of as much as 6% of its equity at a 10.5% discount to the previous close. Federal Bank and Jana Small Finance Bank fell about 3% and 1.9%, respectively, after CNBC-TV18 reported that Jana's promoter could offload its complete 16.9% holding to Federal Bank, a claim the lender said did not involve any development warranting an exchange filing.