Indian Indices Gain On Softening Crude, Nifty Ends At 15990

Indian indices after a firm opening have maintained the gains and even has come off strong despite weak Asian markets in early trade.

The sentiment got a boost as there has been an overnight slump in oil rates by around 9%. Though the softening has cooled and the benchmarks are trading above $100 per barrel.

Indian Indices Gain Higher By 1% On Softening Crude, Nifty Ends At 15990

Sensex and Nifty closed the session with gains of 1.16% and 1.23%, respectively, closing the day higher before weekly F&O higher. Broader markets fared still better with Nifty Midcap 100 gaining by over 1.9%.

Nifty gainers were led by stocks like Britannia, Bajaj twins, HUL and Eicher Motors, while top Nifty losers for the day have been ONGC, Power Grid, NTPC, HDFC Life and Hindalco.

Oil exploration company ONGC also took a knock after the slide in the crude price.

Meanwhile, investors await the crucial Fed minutes of the June FOMC meet due to be released today.

Also, on the back of the dollar hardening to its highest in 20 years, there has been an overnight slump in gold rate and likewise, gold price in India have fallen sharply. Nevertheless, the losses have been capped because of free-falling rupee.

Rupee in the session traded in the range of 79.15-79.564 per US dollar.

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