Indian shares join global rebound as Middle East worries ease

Monday,   22-Apr-2024   03:54 PM (IST)

Indian shares closed higher on Monday, tracking a rebound in global markets due to easing worries over the escalation of tensions in the Middle East. The Nifty rose 0.86% to close at 22,336.40, while the Sensex ended 0.77% higher to 73,648.62. The benchmarks lost about 1.6% last week due to the worries over the Middle East conflict and a delay in U.S. rate cuts. Those worries pushed Asian shares down 3.7% last week. They gained 0.9% on Monday, while gold prices dipped as overall risk sentiment improved over the weekend. Wipro gained 2% after the software services provider reported a bigger-than-expected quarterly revenue. State-run oil marketing companies Bharat Petroleum Corp, Hindustan Petroleum Corp and Indian Oil Corp, which rely on imported crude, gained 2.5%-3.5%, as oil prices eased. HDFC Bank, which has the highest weight on the Nifty 50 dropped 1.25% after reporting a smaller-than-expected quarterly profit due to higher provisions. Reliance Industries, the second-heaviest Nifty 50 stock, ended 0.78% higher. It is due to report after the bell. The more domestically-focussed small and mid-caps rose 1.31% and 0.82%, respectively.