India Shares Rise as IT Gains Offset Oil Surge, Foreign Outflows
Nifty 50 recovers after early drop as IT gains offset weakness in oil, banks Indian shares reversed course by midday Tuesday, with the Nifty 50 rising 0.18% to 23,425.40 at 12:48 p.m. in Mumbai. Tech stocks jumped, outweighing losses in oil and bank names as well as foreign outflows. The index had opened lower, hurt by Middle East tensions and selling from overseas funds. Nifty and Sensex bounced, breaking a four-session losing streak that had knocked both indexes down almost 3% in early trade. Where the market goes from here is not clear. Some see signs of stabilization, others think it’s just a short burst of buying. Earlier, Reuters said the Nifty dropped 0.44% and the Sensex fell 0.4% by 9:50 a.m., with foreign investors selling 39.12 billion rupees of shares on Monday.
