Cooling domestic inflation and sustained foreign institutional purchasing in stocks lifted Indian shares on Tuesday, while optimism of a U.S. debt ceiling resolution lifted global markets.
Singapore-listed NSE stock futures rose 0.27% to 18,453 at 7:58 a.m. IST.
On Monday, earnings and inflation data sent the Nifty 50 (.NSEI) to a near-five-month high. The benchmark is up 6% in fiscal 2024.
“The underlying short-term trend of Nifty continues to be positive,” said HDFC Securities technical research analyst Nagaraj Shetti, adding that volatility continued at 18,400 levels.
“Any dips could be a buying opportunity around 18,280-18,200 levels.”
Foreign investment in Indian shares has boosted markets.
Foreign institutional investors (FIIs) bought 16.85 billion rupees ($206.04 million) of shares on Monday for the twelfth day.
According to provisional data from the National Stock Exchange, FIIs had their longest daily purchasing streak in nine months, buying more than 210 billion rupees worth of shares.
Wall Street rose ahead of Tuesday’s debt ceiling talks between the President and House Republicans.
Without lifting the $31.4 trillion debt ceiling, the Congressional Budget Office had warned of a default.
After China’s industrial output grew 5.6% year-on-year in April and retail sales below expectations, Asian markets reduced gains.
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