Global stocks headed for the highest level in more than two months on Thursday after Federal Reserve meeting minutes showed increased support for tapering interest rates.
At 8:15 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 0.47% to 18,340.
Crude dropped in anticipation of a higher-than-expected price cap on Russian oil and a rise in U.S. product stockpiles. Gold rose 0.3%, while Bitcoin rose 1.6% to trade near $16,400-level.
Domestic benchmarks indices maintained their upward movement for a second day even after paring gains from early trade. The rise in banking, metals, and oil and gas stocks was offset by a decline in information technology and FMCG stocks.
The rupee dropped against the U.S. dollar to close at the day’s low, a day after it closed higher.