IGI Logo

Indian shares touched a near four-week high on Thursday after falling crude prices soothed inflation concerns and as watch maker Titan Co surged 8% after reporting strong quarterly sales.

The NSE Nifty 50 index rose 0.8% to 16,115, its highest since June 10. The S&P BSE Sensex was up 0.7% at 54,140.38, as of 0506 GMT.

Brent crude futures extended declines for a third session on Thursday, slipping under $100 a barrel, as fears of a potential global recession spurred concerns about oil demand. [O/R]

India, the world's third-largest importer, could benefit from the drop in prices. [O/R]

"Valuations have become slightly more comfortable in India. Macro data points coming in are strong and crude prices have fallen considerably, which is a huge positive for the country," said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.

Titan led gains in Nifty 50 index, surging 7.9%, after its first-quarter sales surged 205%.

Kalyan Jewellers India rose as much as 6.2% after providing strong sales data for June quarter.

Some slow down in sales and demand was expected from June quarter, but quarterly reports from the consumption-driven space are pointing to consistent strong demand, Khemka said.

India's central bank took a slew of measures on Wednesday to boost foreign exchange inflows, including allowing overseas investors to buy short-term corporate debt and opening of more government securities under the fully accessible route.

Foreign investors bought Indian shares worth $270 million on Wednesday. They have sold a net $273 million worth of Indian equities so far this week, compared with $517 million worth of net disposal last week, according to Refinitiv Eikon.

Global stocks were mixed, after Federal Reserve's minutes released late Wednesday showed officials rallied around a large rate hike at its June meeting.