Energy, metals lead rebound in Indian shares after three-session drop

Indian shares inched up on Thursday tracking their Asian peers, after closing lower for three consecutive sessions, led by energy stocks as crude prices fell and metals stocks on global supply worries.

The NSE Nifty 50 NIFTY was up 0.15% at 22,181.20 as of 10:16 a.m. IST, while the S&P BSE Sensex SENSEX rose 0.05% to 72,974.

Both the benchmarks dropped about 2.7% each in the last three sessions on fading hopes of early U.S. rate cuts and concerns over geopolitical tensions in the Middle East.

"Any sustainable impact on directionality (for domestic equities) will only come from earnings and there could be several attractive entry points post results," said Mohit Khanna, fund manager at Purnartha Investment Advisors.

Asian markets advanced, with the MSCI Asia ex-Japan index (.MIAPJ0000PUS) adding 1.1%.

IT service provider Infosys INFY1!, insurance company HDFC Life HDFCLIFE and two-wheeler maker Bajaj Auto BAJAJ_AUTO are due to report quarterly results later in the day.

They rose between 0.7% and 3%, with HDFC Life among the top five Nifty 50 gainers.

Oil and gas index (.NIFOILGAS) jumped 1% and the energy index CNXENERGY gained 0.8%, as crude oil prices BRN1! dropped 3% overnight.

A drop in oil prices is positive for importers of the commodity like India and its oil marketing companies.

Oil marketing companies such as Bharat Petroleum Corporation BPCL, Hindustan Petroleum Corporation HINDPETRO and Indian Oil Corporation IOC added between 3% and 5.5%. BPCL was the top Nifty 50 gainer.

Metals CCNXMETAL gained about 1%, tracking a rise in global metal prices on supply concerns and a weaker U.S. dollar.