Thursday, March 30, 2023

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Domestic indices rise as China further eases Covid curbs

BENGALURU: Indices opened higher on Tuesday, led by gains in metals stocks, after China announced it will further ease its strict Covid-19 restrictions bolstering expectations of demand recovery in the world’s second-largest economy.
The Nifty 50 index was up 0.46% at 18,097.45, as of 09:17 a.m. IST, and the sensex rose 0.47% to 60,850.63.
All the major sectoral indexes advanced, with metals jumping over 1% after top consumer China announced it will stop requiring inbound travellers to go into quarantine starting from Jan. 8 in a major step towards easing curbs on its borders.
China’s Covid-19 management will also be downgraded to the less strict Category B from the stringent Category-A, the country’s health authority said on Monday.
The announcement triggered an uptick in Asian markets. The MSCI Asia ex-Japan index rose 0.58%.
US markets remained shut on Monday for Christmas.
Capping the gains in domestic equities are oil prices, which rose in thin trade on fears of supply disruption due to winter storms across the United States. Brent crude
Higher oil prices hurt oil-importing countries like India, where crude constitutes the bulk of the country’s import bill.

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