Indian and Asian shares rose on Thursday after signs that the U.S. was close to raising its debt ceiling.
The Nifty 50 (.NSEI) increased 0.33% to 18,242.30 at 9:44 a.m. IST, while the S&P BSE Sensex (.BSESN) advanced 0.37% to 61,791.68.
After U.S. President Joe Biden and Republican House Speaker Kevin McCarthy pledged to prevent an economically disastrous default, Asia-Pacific equities rose.
After two days of falls, traders booked profits after the Nifty gained nearly 4% since mid-April when results season began.
FII purchases and solid earnings have helped domestic shares.
“The silver lining from yesterday’s weak stock market was that FIIs remained net buyers on Dalal Street,” said Mehta Equities senior vice president (research) Prashanth Tapse.
FIIs have bought about 226 billion rupees ($2.76 billion) in equities over 15 sessions, the longest streak since December 2020.
Nine of the 13 key sectors’ indices rose, with high-weightage financials (.NIFTYFIN) increasing by 0.7%.
Jindal Stainless Ltd. (JIST.NS) rose 6% after reporting record fourth-quarter sales, helping the metals index (.NIFTYMET) jump over 1%.
Honeywell Automation India Ltd. (HONE.NS) rose 7% as its fourth-quarter profit rose 54%.
Whirlpool of India Ltd. fell over 4% after announcing a profit drop from sluggish sales.
State Bank of India Ltd (SBI.NS), ITC Ltd, IndiGo (INGL.NS), and GAIL (India) Ltd will release earnings on Thursday. ($1= 81.7800 Indian rupees)
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