Indian shares rise as financials gain, inflation fears ease

Wednesday,   06-Jul-2022   09:39 AM (IST)

Indian shares edged up on Wednesday, as strong quarterly performance from top non-banking financial company Bajaj finance boosted financial stocks and a drop in crude prices eased inflation worries. The NSE Nifty 50 index rose 0.4% to 15,869, while the S&P BSE Sensex was up 0.56% at 53,433.16, as of 0348 GMT. Crude oil prices tumbled 9% on Tuesday, hit by worries of demand destruction, which could bring down inflation for India, the world's third-largest importer. The Nifty finance index rose 0.7%, while Bajaj Finance gained 1.7% after reporting strong June- quarter numbers. Shares of domestic explorers Oil & Natural Gas Corp fell 4.2% and Oil India dropped 4.4%. Asian stocks slipped and the dollar stood by a two-decade high against the euro on deepening fears that the continent is leading the world into recession.