BENGALURU, Dec 2 (Reuters) - Indian shares rose on Thursday,
led by energy, pharma and auto stocks, although gains were
capped by fears over the Omicron coronavirus variant after the
United States became the latest country to report a case.
The blue-chip NSE Nifty 50 index was up 0.67% at
17,282.70 by 0505 GMT, while the benchmark S&P BSE Sensex
advanced 0.68% to 58,076.43.
The Nifty Energy Index rose as much as 1.40%,
led by a 3.7% jump in transmission company Power Grid
Corporation of India, which hit a record high.
State-controlled refiner Bharat Petroleum Corporation
was among the top performers on the sub-index with a
"Crude prices have fallen below the $70-mark, a positive
sign for India," said Sumit Pokharna, vice president research at
Kotak Securities, adding energy stocks would be driven in the
coming weeks by how crude prices react to possible
coronavirus-led restrictions globally.
"The market is in a wait-and-watch mode, with investors
weighing factors such as the U.S. Fed's decisions, Indian
central bank's moves, upcoming local elections and continued
selling by foreign institutional investors," Pokharna said.
Oil prices rose on Thursday, with Brent crude futures up
1.2%, but gains were capped amid fears the Omicron variant will
hurt fuel demand.
The Nifty Pharma index climbed nearly 1% and was
among the top sub-index performers on the blue-chip index.
Auto makers rose 0.94%, led by a 3% gain in
Mahindra and Mahindra Ltd after the company posted a
7% year-on-year jump in November passenger vehicle sales on
Shares of direct-to-home services provider Dish TV India Ltd
were up 4.8% after a media report https://www.livemint.com/companies/news/bharti-airtel-looks-to-buy-majority-stake-in-dish-tv-11638384268281.html
that telecom operator Bharti Airtel was in early
talks to acquire a majority stake. Airtel shares rose about
Meanwhile, India's largest private health insurance firm
Star Health and Allied Insurance Company Ltd's initial public
offering subscription will end later in the day.
(Reporting by Vishwadha Chander in Bengaluru; Editing by Rashmi
Aich and Subhranshu Sahu)