Mumbai: Indian shares rose on Thursday, outperforming broader Asia as lower oil prices and a rebound in information technology stocks ​helped shield the market from a global selloff in AI stocks.

The ‌benchmark Nifty 50 rose 0.71% to 24,175.7, while the BSE Sensex climbed 0.75% to 77,502.12.

Asian stocks slumped 2.4%, with South Korea’s tech-heavy KOSPI nosediving about 8%.

“Tech volatility has prompted a search for ​alternatives, with India ending (June) with ~3% outperformance and up 7% from the lows ​in early June,” global brokerage firm Macquarie said in a note.

Tech-heavy ⁠markets like South Korea and Taiwan are undergoing sharp corrections after a blistering ​AI-driven rally earlier this year, as concerns over stretched valuations prompt investors to pull ​back.

G. Chokkalingam, founder and head of research at Equinomics Research, said India is emerging as one of the stable markets amid sharp volatility in AI stocks.

“The drop in oil prices is ​also supporting the momentum towards India. This is the single biggest factor for ​India as it impacts growth, inflation, forex reserves, fiscal deficit, etc,” Chokkalingam said.

Brent crude futures dropped ‌below $71 ⁠per barrel after Qatar said Iran and the U.S. had made “positive progress” in indirect talks that concluded on Wednesday.

Thirteen of the 16 major sectors advanced. The broader small-caps and mid-caps rose 1.2% and 0.5%, respectively.

The IT index rose 4.6% to lead sectoral ​gains. Analysts attributed the ​rise to value-buying ⁠after a 6.5% drop in the last four sessions of falls and a sharp selloff earlier this year due to ​fears of AI disruption.

Gains were also supported by Federal Reserve ​Chair Kevin ⁠Warsh saying that inflation expectations have declined in the last four weeks.

Tata Consultancy Services and Infosys, India’s top two software exporters, gained 4.3% and 5.6%, respectively, on Thursday.

Shares ⁠of some ​mid-sized banks rose after they reported strong growth ​in advances for the June quarter. Dhanlaxmi Bank and Jammu and Kashmir Bank jumped 5% and 5.4%, ​respectively.