BENGALURU, Nov 24 (Reuters) - Indian shares rose on
Wednesday, boosted by energy, public sector banks and telecom
stocks, while investors globally were on edge as they weighed
volatile oil markets after the United States and other nations
moved to cool prices.
By 0503 GMT, the blue-chip NSE Nifty 50 index rose
0.37% to 17,568.65, while the benchmark S&P BSE Sensex
climbed 0.33% to 58,859.78.
The Nifty Energy Index rose as much as 1.45%.
Oil prices were in focus after India said it will sell 5 million
barrels to Mangalore Refinery and Petrochemicals Ltd
and Hindustan Petroleum Corp.
Shares of these two companies were up 2.35% and 1.32%
respectively, while state-run Oil and Natural Gas Corporation
was the top gainer on the sub-index, rising as much as
"While there is some easing of crude prices, rising COVID-19
cases is still a worry globally, leading to mixed cues overall,"
said Ajit Mishra, VP research at Religare Broking.
Among domestic factors, he said that continued outflows from
foreign investors and underperformance by some sectors will
weigh on markets, while the approaching monthly derivatives
expiry will keep volatility high.
The Nifty PSU Bank Index climbed to 1.74%.
Central Bank of India and Indian Overseas Bank
hit near one-month highs, surging 15%-17.7%, after a
said India planned to privatise the banks.
Telecom major Bharti Airtel soared 3.02% to hit a
record high, while Vodafone Idea climbed 5.19% to a
more than one-month high following tariff-hike announcements.
Separately, Moody's Investors Service revised on Tuesday its
ratings outlook of Bharti Airtel to "positive" from "stable" on
improving operating performance.
In broader Asian markets, shares were jittery as trading was
buffeted by a step-up in U.S. Treasury yields and volatile oil
prices, with investors looking ahead to minutes of the U.S.
Federal Reserve's November meeting later in the day.
(Reporting by Vishwadha Chander in Bengaluru; editing by