Sensex, Nifty snap three-day losing run but post weekly decline


BENGALURU: Indian stocks settled higher on Friday, posting three straight losing sessions, as broader equity markets rallied on optimism that the United States may soon reach an agreement on the debt ceiling to avoid a default.
29 out of 50 blue chip stocks send 50 The index closed higher, sending the benchmark up 0.41% to 18,203.40, while the 30-member S&P BSE Sensex rose 0.48% to 61,729.68. On a weekly basis, however, they lost 0.61% and 0.48%, respectively.
Benchmark indices posted some gains for the past three sessions after a rally since the start of earnings season last month and sustained buying by foreign institutional investors (FIIs).
“Today, the market reacted more strongly to the positive global markets given the possibility that an agreement on the US debt ceiling will be reached soon,” said Neeraj Dewan, an independent market analyst.
Global stocks hit a one-month high on Friday amid growing hopes of an agreement on the US debt ceiling that could avert a potentially catastrophic default.
The market could consolidate at current levels and correct somewhat on higher levels due to profit-taking, Dewan said.
Ten of the 13 major industry indices posted gains. The IT, auto and banking indices rose between 0.5% and 1.47%.
Individual shares include all seven Adani Group companies: Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Adani Power Ltd, Adani Transmission Ltd, Adani Green Energy LtdAdani Total Gas Ltd and Adani Wilmar Ltd finished between 3% and 6.9% higher.
A court-appointed panel, citing the market regulator, said that in the run-up to the Hindenburg report there was evidence of a build-up of short positions in Adani Group shares, but it was not possible to conclude whether there were regulatory failures regarding price manipulation.
Meanwhile, FIIs extended their buying streak for the sixteenth consecutive year, the longest such streak since December 2020. They net bought shares worth 9.7 billion rupees (nearly $119 million) on Thursday.

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