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Markets rise in final session of 2022; IT, metals up

By Reuters

  • 30 Dec 2022
Markets rise in final session of 2022; IT, metals up
Credit: Reuters

Indian shares opened higher on Friday in the final session of 2022, aided by an uptick in IT stocks, tracking gains in global equities.

The Nifty 50 index (.NSEI) was up 0.32% at 18,248.85, as of 09:55 am IST, and the S&P BSE Sensex (.BSESN) rose 0.32% to 61,328.04.

Wall Street equities closed higher overnight after weekly jobless claims rose, indicating the US Federal Reserve's rate hikes have had their intended effect on the labour market.

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Asian markets also advanced, with the MSCI Asia ex-Japan index (.MIAPJ0000PUS) rising 0.58%.

All the major sectoral indexes advanced, with information technology (.NIFTYIT) and metals (.NIFTYMET) rising over 1%.

Oil prices, which slid on concerns over demand recovery in China, also aided gains in domestic equities. Low oil prices are a positive for India, as crude constitutes the bulk of the country's import bill.

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Forty-three of the Nifty 50 constituents rose with Tata Steel (TISC.NS), Bajaj Finserv (BJFS.NS), Tech Mahindra (TEML.NS) gaining over 1%.

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