Nifty 50 hits record high led by gains in oil companies

BENGALURU: Blue-chip Nifty 50 stock index hit a record high on Monday, hours after the benchmark sensex also hit an all-time high, boosted by oil marketing companies as crude prices slid on demand concerns due to protests in China over Covid-19 curbs.
The Nifty 50 index jumped 0.53% to an all-time high of 18,611.05, breaking a record it held since Oct. 19, 2021. Earlier in the day, the S&P BSE sensex index rose 0.61% to an all-time high of 62,674.49.
The gains in Indian equities defied the weakness in other Asian markets, which fell as rare protests in major Chinese cities against strict zero-Covid curbs raised concerns about the growth implications for the world’s second-largest economy.
Those concerns also caused a slide in oil prices as China is a top importer. However, in general, oil-importing countries like India tend to benefit from lower crude prices.
The gains in Indian oil companies were led by Reliance Industries, the country’s most valuable company, which surged 3.64%. Oil marketing firm Bharat Petroleum Corp jumped 4.31%.