Sensex and Nifty rise as crude prices fall; Titan jumps 7% as Q1 sales are strong

Thursday’s opening trades saw Indian equities indices trading higher as they followed the lead of their Asian counterparts.

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Indian stocks increased on Thursday as falling crude prices allayed concerns about inflation, while Titan Co. surged more than 7% on the release of good quarterly sales figures.

The S&P BSE Sensex was up 0.8 percent at 54,183.70 as of 0348 GMTx, while the NSE Nifty 50 index increased by 0.8 to 15,117.

As worries about the demand for oil grew due to potential global recession worries, Brent crude futures continued to fall for a third session on Thursday, falling under $100 a barrel.

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India, the third-largest importer in the world, would profit from the decrease in pricing.

Titan, a manufacturer of jewellery and watches, surged 7.2 percent to lead gains in the Nifty 50 index after its first-quarter sales increased by 205%.

On Wednesday, India’s central bank implemented a number of measures to increase foreign exchange inflows, including permitting foreign investors to purchase short-term corporate debt and expanding the number of government assets that are completely accessible.

After the Federal Reserve’s meeting minutes from June showed that officials supported a significant rate increase, they were released late on Wednesday.