Taking inspiration from a strong surge on Wall Street after solid economic data and positive corporate forecasts boosted investor appetite, Indian market indices start Thursday on the front foot, extending their gains for the seventh straight day.
Early on Thursday, the BSE Sensex index was up 264.56 points at 58,615.09, and the NSE Nifty was up 0.45% at 17,465.65. Although neither index made much progress in the previous two trading sessions, they have now won seven straight days.
The return of international investors has benefited domestic stocks.
In fact, foreign investors have just changed from being net sellers of Indian equities to purchases, helping to support the rupee. Up until Tuesday, foreign investors had purchased Indian stocks for around $1.9 billion during the previous four sessions.
Thursday saw a rise in Asian stocks, with MSCI’s broadest index of Asia-Pacific shares rising 0.65% as positive financial reports from PayPal boosted sentiment. Data at the same time revealed that new orders for products made in the US grew significantly.
After the underlying index rose 1.56 percent overnight and the tech-heavy Nasdaq soared 2.73 percent to a three-month high, US S&P 500 futures were about flat.