BENGALURU, Dec 9 (Reuters) – Indian shares rose on Friday, on a fall in crude oil costs, and on hopes of a worldwide demand revival because of China’s easing of strict COVID-19 restrictions.

The Nifty 50 index (.NSEI) was up 0.21% at 18,648.65, as of 09:20 a.m IST, and the S&P BSE Sensex (.BSESN) rose 0.17% to 62,699.55.

Oil costs fell for the fifth straight session to their lowest in 2022, bringing cheer as crude accounts for a bulk of the invoice for nations similar to India, that are closely depending on oil imports.

All the sectoral indexes barring Nifty IT (.NIFTYIT) climbed, with Nifty PSU (.NIFTYPSU) rising essentially the most with 0.8% features. The index is heading in the right direction to advance for the seventh day in a row, if features maintain.

Among particular person shares, One 97 Communications (PAYT.NS) jumped 7%, essentially the most in every week, after announcing that it’ll think about a share buyback proposal on Dec. 13.

Global equities rose after China announced a shift in coverage and loosened zero-COVID restrictions in a transfer that might restore world provide chains and curb inflation.

Asian markets jumped on Friday with the MSCI Asia ex-Japan rising 1.15%.

Tata Steel (TISC.NS), Hindustan Unilever (HLL.NS), Grasim Industries (GRAS.NS), NTPC (NTPC.NS) and Eicher Motors (EICH.NS) have been among the many prime gainers within the Nifty 50 index, rising over 0.75% whereas HCL Technologies (HCLT.NS) led the losses, shedding over 4.6%.

($1 = 82.2800 Indian rupees)

Reporting by Bharath Rajeswaran and Akansha Victor in Bengaluru; Editing by Dhanya Ann Thoppil and Janane Venkatraman

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