Indian equity benchmarks start Thursday on the front foot, extending their gains for the seventh straight session, taking cues from a strong rally on Wall Street after robust economic data and upbeat corporate guidance boosted investor appetite.
The BSE Sensex index was 264.56 points higher at 58,615.09 early on Thursday, and the NSE Nifty was up 0.45 per cent at 17,465.65. While both the indexes eked out only marginal gains in the previous two sessions, they have extended their winning to seven days in a row.
What has helped domestic stocks is the return of foreign investors.
Indeed, foreign investors have turned net buyers of Indian equities in recent days, providing relief for the rupee. Over the last four sessions through Tuesday, foreign investors have bought about $1.9 billion worth of Indian equities.
Asian stocks rose on Thursday, with MSCI’s broadest index of Asia-Pacific shares up 0.65 per cent as strong financial results from PayPal lifted the mood. At the same time, data showed new orders for US-manufactured goods increased solidly.
US S&P 500 futures were about flat, after the underlying index jumped 1.56 per cent overnight and the tech-heavy Nasdaq surged 2.73 per cent to a three-month peak.