Indian Shares Rally On Firm Global Cues; Bharti Airtel Shares Surge Over 5%
(RTTNews) - Indian shares rose sharply on Thursday, with sentiment supported by positive global cues as oil prices steadied near $105 a barrel and American networking giant Cisco delivered stronger-than-expected quarterly revenue and profit.
Investors also awaited the outcome of U.S. President Donald Trump's summit with Chinese President Xi Jinping in Beijing.
Trump's three-day state visit to China focusses on trade, tariffs, artificial intelligence, Iran war, Taiwan, rare earths, and supply chains.
Based on Xi Jinping's readout of the meeting, the two leaders agreed to develop a "constructive China-U.S. relationship of strategic stability" led by cooperation and "measured competition."
The benchmark BSE Sensex rallied 789.74 points, or 1.06 percent, to 75,398.72, after having ended marginally higher on Wednesday to snap a four-day losing streak.
The NSE Nifty index surged 277 points, or 1.18 percent to 23,689.60 despite continued weakness in the rupee, which sank to a record low of 95.97 against the dollar today. The BSE mid-cap and small-cap indexes gained 1 percent and 0.2 percent, respectively.
The market breadth was slightly positive on the BSE, with 2,109 shares rising while 2,074 shares declined and 190 shares closed unchanged.
Among the top gainers, Bharti Airtel soared 5.3 percent post its Q4 results and the announcement regarding increasing its stake in Africa business.
Bajaj Finance, Mahindra & Mahindra, Sun Pharma, Adani Ports, HDFC Bank and Eternal climbed 2-3 percent.
IT stocks extended losses, with TCS, HCL Technologies, Tech Mahindra and Infosys falling 1-2 percent on AI disruption worries.
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