Indian shares rise as supply woes lift crude producers
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BENGALURU - Indian shares rose on Wednesday as oil and gas explorers rallied on supply concerns, while a red hot inflation reading for March fuelled expectations for an interest rate hike in June.
India's retail inflation accelerated to near 7% year-on-year in March, its highest in 17 months and above the upper limit of the central bank's tolerance band for a third straight month.
The NSE Nifty 50 index was up 0.54% at 17,625, as of 0349 GMT, while the S&P BSE Sensex rose 0.48% to 58,860.31.
Top explorer Oil & Natural Gas Corp, Oil India and GAIL India were top gainers, rising 1%-3%. Surging demand for coal also lifted top miner Coal India by 1.6%.
Oil prices climbed on worries that sliding output in sanctions-hit Russia, the world's second-biggest oil exporter, will tighten supply after Moscow said peace talks to resolve its invasion of Ukraine had come to a dead end. [O/R]
Meanwhile, Asian shares firmed, boosted by U.S. inflation figures that fared better than markets' worst expectations - and caused U.S. yields to pause their march higher. [MKTS/GLOB]
(This story corrects to say Sensex rose, not fell, in paragraph 3)
(Reporting by Nallur Sethuraman in Bengaluru; editing by Uttaresh.V)
