India Indexes Extend 3-Day Gains After Crude Oil and Gold Prices Weaken

Arun Goswami
26 Nov, 2024
Mumbai

Stocks in Mumbai traded higher following a sharp decline in crude oil and gold prices in international markets. 

The Sensex index increased 0.3% to 80,363.24, and the Nifty index edged up 0.3% to 24,302.85. 

Crude oil prices in London and New York dropped more than $3 a barrel on reports that Israel's military and Hezbollah are nearing a ceasefire agreement as early as this week. 

The ceasefire agreement could lower tensions in the Middle East and risks of supply disruptions in the region. 

Texas crude oil prices edged down 0.4% to $69.20 in New York, and Brent crude oil fell 0.5% to $73.30 a barrel in London. 

Gold approached $2,600 an ounce in New York but rebounded to $2,630.39 an ounce in Asian trading, following the reports of a ceasefire agreement in the Middle East and the resurgent U.S. dollar. 

U.S. President-elect Donald Trump said starting his first day in office he plans to impose 25% tariffs on all shipments from Mexico and Canada and additional 10% tariffs on goods from China. 

 

India Stock Movers 

Hindustan Unilever increased 1.2% to ₹2,474.95 after the company's board approved spinning off its ice cream business as a separate listed company. 

Vedanta decreased 0.2% to ₹444.50, and the resource company is likely to access the international bond market next week to raise as much as $500 million. 

The bond offering will test the high-yield market's appetite for Indian offerings following the U.S. allegations of bribery and fraud schemes against the Adani Group. 

Interglobe Aviation gained 0.7% to ₹4,274.50, and the airline struck a deal with Japan Airlines, which will provide access to 18 destinations in India. 

Edelweiss Financial Services advanced 2.2% to ₹108.10, and the financial service company is looking to sell a minority stake in its mutual fund company. 

Ashoka Buildcon inched higher 3.8% to ₹242.0, and the company won a project worth ₹1,391 crore to build a road in West Bengal from the National Highways Authority of India. 

KEC International traded higher by 0.5% to ₹1,055.50 after the company won two new orders totaling 1,114 crore in several of its business segments.