Energy stocks buoy Indian shares; Kotak Mahindra Bank falls on joint MD exit

Thursday,   02-May-2024   10:10 AM (IST)

Indian shares inched up on gains in energy stocks after oil prices fell overnight, while losses in Kotak Mahindra Bank after a senior executive's resignation capped gains. The blue-chip Nifty 50 edged up 0.16% to 22,641.65 points and the Sensex appreciated 0.21% to 74,633.12. The broader, more domestically-focussed small and mid-caps rose about 0.2% each, mirroring the benchmarks. The Nifty energy index gained 0.4% while the Nifty Oil and gas index inched up 0.1%. Bharat Petroleum, Power Grid Corp gain 2.2% and 3.3%, respectively to lead gains in the energy index. Kotak was the top loser in the Nifty bank index, which was mostly flat. The IT index fell 0.2% after the U.S. Federal Reserve put a red flag on recent disappointing inflation readings that could delay interest rate cuts, with Coforge down 0.5% to lead losses. Higher interest rates have been weighing on India's IT sector, as it has resulted in lower client spending the U.S, a key market.