Sensex, Nifty Rise On US Debt Deal Hopes; Adani Group Stocks Climb
(RTTNews) - Indian shares eked out modest gains on Friday to snap a three-day losing streak, tracking firm cues from global markets.
Investors shrugged off hawkish rhetoric from Fed speakers and remained hopeful that the U.S. will avert a catastrophic debt default.
U.S. President Joe Biden and House of Representatives Speaker Kevin McCarthy hope to finalize a deal on the debt ceiling after Biden returns from the Group of Seven meeting in Japan on Sunday.
The benchmark S&P BSE Sensex rose 297.94 points, or 0.48 percent, to 61,729.68 while the broader NSE Nifty index settled 73.45 points, or 0.41 percent, higher at 18,203.40.
Adani Group stocks topped the gainers list, with Adani Enterprises climbing 3.4 percent and Adani Ports surging 3.9 percent after an expert committee appointed by the Supreme Court to investigate allegations around Adani Group said there was no price manipulation on the part of the Group.
The panel also said that it was not possible to conclude if there has been a regulatory failure on stock price manipulation allegations.
IT stocks such as Infosys and Tech Mahindra rose around 2 percent each after the tech-heavy Nasdaq Composite jumped 1.5 percent to reach its best closing levels in about nine months overnight.
Tata Motors rallied 3.3 percent as analysts turned bullish on the stock after the release of Q4 numbers.
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