Sensex, Nifty Rise On Falling Crude; Titan Jumps 7% On Strong Q1 Sales

Indian shares rose on Thursday, as softening crude prices helped ease inflation worries, while Titan Co jumped more than 7% after reporting strong quarterly sales numbers.

The NSE Nifty 50 index rose 0.8 to 15,117, while the S&P BSE Sensex was up 0.8% at 54,183.70, as of 0348 GMTx.

Brent crude futures extended declines for a third session on Thursday, slipping under $100 a barrel, as fears of a potential global recession spurred concerns about oil demand.

India, the world’s third-largest importer, could benefit from the drop in prices.

Jewellery and watch maker Titan led gains in Nifty 50 index, surging 7.2%, after its first-quarter sales rose by 205%.

India’s central bank took a slew of measures on Wednesday to boost foreign exchange inflows, including allowing overseas investors to buy short-term corporate debt and opening of more government securities under the fully accessible route.

Global stocks were mixed, after Federal Reserve’s minutes released late Wednesday showed officials rallied around a large rate hike at its June meeting.