Indian shares edge higher on falling oil, track best month in seven
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BENGALURU - Indian shares inched higher in choppy trade on Thursday, keeping benchmark indexes on track for their best month since August, as oil prices tumbled and Axis Bank rose after a deal to acquire Citigroup Inc's local consumer banking businesses.
The NSE Nifty 50 index climbed 0.27% to 17,545.9, as of 0405 GMT, and the S&P BSE Sensex rose 0.26% to 58,838.56. Both indexes were set to post monthly gains of more than 4%.
Oil prices tumbled as the United States weighed a massive reserves release to calm soaring crude prices. India is the world's third-largest importer and consumer of oil. [O/R]
Shares of Axis Bank rose as much as 1.7% after the lender announced a $1.6 billion acquisition of Citi's local retail business to bulk up its credit card and retail presence. The stock gave up some gains and was last up 0.9%.
(Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu)
