Picture used for illustrative purpose. File

Gulf Today Report

Indian shares advanced on Thursday following a decline in the previous session as precious metals and stocks gained as investors hope for an improved economy in 2021.

The NSE Nifty 50 index ended 1% higher at 12,987.00, rebounding from losses earlier in the session, and a more than 1.5% drop on Wednesday. The S&P BSE Sensex closed 0.98% higher at 44,259.74. 

READ MORE 

UK business owners rush to stock up ahead of Jan. 1

Gold prices rise as investors remain hopeful for a stimulus

Oil falls following a decline in US inventories

Some financial institutions including HDFC Bank and Kotak Mahindra Bank were among the top boosters to the Nifty 50. JSW Steel and Tata Steel also gained 6.1% and 5.0%.

With investors focusing on economic recovery, metals and real estate have jumped as they are most likely to benefit from money pumped into Indian equities by foreign investors.

India has recorded $7billion In November from foreign investors.