IGI Logo

Indian shares settled higher on Friday, snapping three straight sessions of losses, as broader equities rose over optimism that the United States could soon reach a debt ceiling deal to avoid a default.

Twenty-nine of 50 stocks on blue-chip Nifty 50 index closed higher, pushing the benchmark 0.41% up to 18,203.40, while the 30-member S&P BSE Sensex advanced 0.48% to 61,729.68. For the week, however, they lost 0.61% and 0.48%, respectively.

The benchmark indexes saw some profit booking in the last three sessions after a rally since the beginning of earnings season last month and sustained buying by foreign institutional investors (FIIs).

"Today the market reacted more to the positive global markets as there is a possibility that a U.S. debt ceiling deal would be reached soon," Neeraj Dewan, an independent market analyst, said.

Globally, equities hit a one-month high on Friday on growing hopes of a U.S. debt ceiling deal that could avoid a potentially calamitous default. [MKTS/GLOB]

The market could consolidate at current levels and correct a bit on account of profit taking at higher levels, Dewan said.

Ten of the 13 major sectoral indexes logged gains. The IT, auto and bank indexes advanced between 0.5% and 1.47%.

Among individual stocks, all seven Adani Group companies Adani Enterprises Ltd , Adani Ports and Special Economic Zone Ltd, Adani Power Ltd , Adani Transmission Ltd , Adani Green Energy Ltd , Adani Total Gas Ltd and Adani Wilmar Ltd settled between 3% and 6.9% higher.

A court-appointed panel, citing the market regulator, said there was evidence of a build-up in short positions on Adani group stocks ahead of the Hindenburg report though it was not possible to conclude whether there had been regulatory failures regarding price manipulations.

Meanwhile, FIIs extended their buying streak for the sixteenth straight session, the longest such streak since December 2020. They bought 9.70 billion rupees (nearly $119 million) of shares on a net basis on Thursday.