Indian shares declined on Monday, dragged by rise in oil prices after more Chinese cities relaxed COVID-19 restrictions, fuelling concerns over inflation in the world's third biggest crude importer.
Oil prices rose as much as 2% after Organization of the Petroleum Exporting Countries and allies, including Russia, held their output targets in a meeting on Sunday, while easing COVID restrictions in China boosted expectations of a rebound in fuel demand.
India is one of the largest importers of the commodity and oil prices have a bearing on nation's inflation, which eased to 6.77% in October., declined with Nifty IT and Nifty Oil & Gas shedding over 0.8%. "The is more of a consolidation, after the kind of recovery we have seen on Nifty 50," Ajit Mishra, VP, Research at Religare Broking said, adding improved global and domestic demand outlook was supporting metal stocks.
Mishra expects Nifty 50 to rise to 19,500 in the next six months and sees 17,900-17,500 levels act as a cushion.. The Reserve Bank of India is expected to raise interest rates by a smaller 35 basis points to 6.25%. The decline in Indian shares is in contrast to other Asian equities which rose after more Chinese cities announced the
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