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Indian stocks open at eight-month highs after Diwali, Reuters says
Reuters said the Nifty 50 and Sensex opened at eight-month highs Wednesday after Diwali, with cheaper crude and November foreign buying cited as supports.
- New headline Was: “Indian stocks open higher on softer crude, robust foreign buying”
- Our desk filed its story
Based on reporting by Reuters
Indian shares opened at eight-month highs on Wednesday after markets were closed Tuesday for Diwali, Reuters reported, citing plunging crude prices and strong foreign inflows1.
The Nifty 50 rose 1.17 percent to 25,337.8 and the Sensex gained 1.41 percent to 82,248.68 as of 9:15 a.m. IST, their highest levels since February 27, the same report said1. All 16 major sectors opened higher, and broader small-caps and mid-caps each gained 0.7 percent, it added1.
Brent crude futures slid to a two-month low of $89.16 a barrel on Tuesday after U.S. officials played down the need for additional military action against Iran, Reuters said, and were up 0.5 percent at $92 on Wednesday1. The Nifty 50 and BSE Sensex have gained about 10 percent so far this month as easing crude, domestic earnings, and a selloff in global chipmakers brought foreign portfolio investors back to India, according to the dispatch1.
Whether those gains held through the full cash session was not established in the update, which was timed to the open1.