Indian stocks edged higher on Friday as gains in tech stocks offset losses in the banking sector, while global markets were mixed on fears of recession in Europe.
The NSE Nifty 50 index rose 0.07% to 17,976.5, while the S&P BSE Sensex edged up 0.09% to 60,350.29.
Oil and gas stocks up, banks down
India on Thursday increased taxes on fuel exports after cutting them just over two weeks ago, and reduced a one-off tax on locally produced crude oil, according to a government notification.
Shares of oil-telecommunications conglomerate Reliance Industries Ltd fell 0.6%.
Oil producer Oil and Natural Gas Corp and miner Vedanta Ltd rose 1.3% and 0.5% respectively.
The Nifty IT index rose almost 1%, while the Nifty Bank index fell 0.26%.
Asian stocks were left in limbo, while the U.S. dollar raced as clouds of recession hung over Europe, underscoring the relative outperformance of the U.S. economy.
MSCI’s broadest index of Asia-Pacific stocks outside of Japan fell 0.3%, and Chinese blue chips were flat, while South Korea lost 0.5%. Japan’s Nikkei fared better with a 0.3% gain due in part to a further drop in the yen.
August 19, 2022