MUMBAI: Indian shares extended gains on Thursday, as a boost from lower oil prices after the US-Iran peace deal overpowered weakness in information technology stocks following the Federal Reserve’s rate pause and signal of a potential hike later this year.
The Nifty 50 rose 0.34 percent to 24,168, while the BSE Sensex added 0.33 percent to 77,409.98, gaining 4.3 percent and 4.8 percent, respectively, in five sessions on softer crude prices.
Markets stayed muted for much of the session before a final-hour climb, which two traders attributed to likely foreign buying.
Brent crude fell 2.1 percent to USD77.8 a barrel on the day, after the United States and Iran signed an interim agreement to end their war.
Thirteen of the 16 major sectors advanced. The broader small-caps and mid-caps rose 0.4 percent each. IT stocks fell 1.2 percent as the Fed’s commentary lifted expectations of a September rate hike.
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