Indian shares open higher led by energy stocks
Updates at 9:25 a.m. IST
BENGALURU, Aug 19 (Reuters) - Energy stocks lifted Indianshares higher at the open on Monday, after a cut in the windfall tax on crude, while otherAsian markets gained as U.S. data helped soothe fears of a recession in the world's largest economy.
The NSE Nifty 50 index .NSEI was up 0.36% at 24,630.2 as of 9:25 a.m. IST, and the S&P BSE Sensex .BSESN rose 0.3% to 80,675.35.
The MSCI Asia ex-Japan .MIAPJ0000PUS rose nearly 1.1% aseasing inflation and readings of robust U.S. retail spending boosted sentiment. MKTS/GLOB
Eleven of the 13 major sectors logged gains. The energy .NIFTYENR and oil & gas .NIFOILGAS rose about 1.2% each, led by Oil & Natural Gas Corp ONGC.NS, which gained 2.5%.
Other oil upstream companies like Oil India OILI.NS and Mangalore Refinery MRPL.NS also added 2.5% each, after government cut the windfall Tax on crude to 2,100 Indian rupees ($25) from 4,600 rupees per tonne with effect from August 17. ONGC was the top Nifty 50 gainer.
($1 = 83.8525 Indian rupees)
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sherry Jacob-Phillips and Nivedita Bhattacharjee
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
