Rising oil weighs on India shares

India’s benchmark equity index declined, led by vehicle makers as concerns over higher oil prices and global trade conflicts intensified.

The benchmark S&P BSE Sensex index fell 0.2 per cent to 35,107.77 at 1:45pm in Mumbai, snapping three sessions of gains. It had climbed as much as 1.3 per cent earlier in the session. Sixteen of 19 sector subgauges declined. Yes Bank Ltd and Axis Bank Ltd were the worst performers while Infosys Ltd climbed 3.8 per cent after posting quarterly net income that topped analysts’ average estimates.

“Beaten down stocks are being supported by the results season, which has been alright so far, although we need more beats,” said Chokkalingam G, managing director at Equinomics Research & Advisory. High oil prices contributing to rupee weakness, however, will continue to keep markets volatile, he said.

India’s quarterly earnings season has started on a positive note. Net income at four of the seven NSE Nifty 50 Index companies that have reported so far have met or beaten estimates.