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Indian shares rise after US retail sales data lifts global sentiment

Indian shares opened higher on Thursday, after latest U.S. retail sales data signalled strength in the world's biggest economy, return of foreign buying in domestic equities helped sentiment.

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Reuters BENGALURU
BENGALURU (Reuters) -Indian shares opened higher on Thursday tracking global peers, after latest U.S. retail sales data signalled strength in the world's biggest economy, while a return of foreign buying in domestic equities helped sentiment.The Nifty 50 index was up 0.61% at 18,126.75 as of 9:43 a.m. IST, while the S&P BSE Sensex rose 0.62% to 61,662.59.
The rise in domestic equities comes after U.S. retail sales data for January rose by the most in nearly two years, lifting Wall Street, as well as global equities.
All the 13 major sectoral indices were up on Thursday, helped by a 1.15% rise in heavyweight information technology stocks. IT stocks get a significant share of their revenues from clients in the United States.
The metal index rose nearly 1.2%. The oil and gas index rose 1% after government cut its windfall tax on crude oil and exports of aviation turbine fuel and diesel in its fortnightly revision on Feb. 15.
Foreign institutional investors extended their buying streak in Indian equities for the fourth session on Wednesday.
Over the past four sessions, FIIs have bought a net 45.17 billion rupees ($546.24 million), reversing an extended selling trend earlier in the year.
($1 = 82.6920 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Nivedita Bhattacharjee)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Feb 16 2023 | 10:35 AM IST

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