New Delhi: Indian stocks rose on Monday, with the benchmark Sensex scaling the 63,000 mark during intraday trading. The upward momentum helped India reclaim its position as the world’s fifth-largest stock market, after ceding it to France in January.
Optimism swept through stock markets as an in-principle agreement on the US debt ceiling was reached between the US president and House Republicans. The development provided near-term relief, with expectations that Congress would promptly ratify the agreement. The positive sentiment carried over from the US markets, which closed sharply higher during the previous trading session on Friday.
The Nifty, with gains of 0.54%, ended just short of the 18,600 mark and to the all-time high of 18,887.60 seen in December 2022. With gains of 0.55%, Sensex ended trading at 62,846.38. Foreign portfolio investors bought a provisional ₹1,758 crore on Monday.
India’s overall market value scaled past $3.3 trillion on Monday, benefiting from the recovery of Adani group’s stocks following a massive selloff triggered by short-seller Hindenburg Research’s report on 24 January.
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