Indian Shares Extend Rally For Seventh Day
(RTTNews) - Indian shares closed higher for a seventh consecutive session on Friday despite weak cues from global markets.
Falling crude oil prices and rising foreign institutional investor (FII) inflows helped insulate Indian markets from a global stock rout.
A Wall Street rout wiped out roughly $2.5 billion in market value overnight as investors fret about tech valuations and whether substantial AI spending can generate sufficient returns.
In Asia, Japan and South Korea led a broad regional selloff as investors try to get a sense of how much deeper the technology selloff can go.
Meanwhile, Brent crude futures were on track for a weekly loss of about 14 percent following the results of the U.S. midterm elections.
With Democrats securing a decisive victory and potentially limiting President Trump's support for the war against Iran, investors are pinning hopes that the conflict in the Middle East will not escalate.
The 30-share BSE Sensex soared 1,718.02 points, or 2.17 percent, to 81,028.02, while the NSE Nifty index surged 493.75 points, or 2.01 percent, to 25,030.35.
Broader markets underperformed, with the BSE mid-cap and small-cap indexes slipping 0.2 percent and 0.9 percent, respectively.
The market breadth was weak on the BSE, with 2,521 shares falling while 1,881 shares rose and 221 shares closed unchanged.
Among the top gainers, Mahindra & Mahindra jumped 6.2 percent after the automaker reported a 13 percent rise in quarterly profit.
Top private sector banks ICICI Bank and HDFC Bank climbed 4.7 percent and 3.6 percent, respectively. Titan Company shares advanced 3.4 percent after the company posted robust Q2 results. Larsen & Toubro, Sun Pharma, Adani Ports, NTPC, Tata Steel, Kotak Mahindra Bank and Axis Bank rose 2-3 percent.
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