Indian shares rise on boost from aviation sector
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BENGALURU - Indian shares edged higher on Wednesday, with aviation stocks leading the pack after the government lifted pandemic-related restrictions on international flights.
The blue-chip NSE Nifty 50 index rose 0.29% at 16,060.55, as of 0350 GMT, and the S&P BSE Sensex was up 0.27% to 53,570.38, extending gains from the previous session.
Airline operators Interglobe Aviation and SpiceJet jumped 7.4% and 5%, respectively.
India said on Tuesday it would allow scheduled commercial flight operations to international destinations from March 27, lifting restrictions after two years and for the first time since the COVID-19 pandemic began.
The Nifty's IT index, auto index and energy index were among gainers, rising 1% each.
Asian markets stabilised as investors assessed the impact of a worsening conflict in Ukraine and a U.S. ban on Russian oil. [MKTS/GLOB]
Oil prices jumped after U.S. President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine.
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