Indian shares rise as oil, Fed fears ease; financials gain on Q2 updates

Indian shares advanced on Monday, according to Business Recorder, after crude prices retreated and concern about tighter US monetary policy faded. The Nifty 50 gained 0.60% to finish at 22,555.75, while the Sensex rose 0.66% to 72,382.47. Blue-chip indices had slid for eight weeks running until Friday, with record foreign selling, high crude costs and a steep jump in global bond yields weighing on them.

Thirteen of the 16 major sectors moved higher, while the broader small-cap and mid-cap indices rose about 0.5% and 0.7%, respectively. Financials led the advance after upbeat quarterly business updates, with banks and financial stocks up 0.5% and 0.4%, and state-owned lenders adding 1%. Bajaj Finance rose 2.3% after reporting an 11% year-on-year increase in new loans for the September quarter, while Punjab National Bank gained 2.5% after global advances grew 14.8%.

Bank of Baroda added 0.9% after its quarterly advances rose 18%, and Mahindra & Mahindra Finance climbed 2% after disbursements jumped 22% in the September quarter. Consumer stocks also featured, as ITC surged 5.1% and the fast-moving consumer goods index rose 1.8% after Citi lifted its call from sell to buy in a double upgrade. Nykaa parent FSN E-Commerce gained 4.5% after projecting strong revenue growth for the September quarter, citing fashion and beauty.