Sensex, Nifty Rally On US Debt Deal Hopes
(RTTNews) - Indian shares rallied on Friday and the dollar eased from a two-month high scaled in the previous session after reports suggested that U.S. lawmakers are inching closer to an agreement that would raise the debt limit for about two years and cap federal spending at the same level as fiscal 2023 for two years.
Continued FII inflows and a steep fall in crude prices in the overnight U.S. trading session also bolstered sentiment.
Oil prices were a tad higher in European trade, after having fallen more than 3 percent on Thursday as Russia played down the prospect of additional output cuts by OPEC+.
Russian Deputy Prime Minister Alexander Novak reportedly said that he doesn't think there will be any new steps with regard to production cuts.
"Just a month ago certain decisions were made regarding the voluntary reduction of oil production by some countries. The Saudis were trying to talk up oil prices and dangle a threat of more production cuts, but it looks like Russia won't be on board for additional cuts at OPEC+'s meeting on June 4," Russian Deputy Prime Minister Alexander Novak said.
The benchmark S&P BSE Sensex jumped 629.07 points, or 1.02 percent, to 62,501.69 while the broader NSE Nifty index settled 178.20 points, or 0.97 percent, higher at 18,499.35.
HCL Technologies, Hindustan Unilever, Hindalco, Sun Pharma and Reliance Industries rallied 2-3 percent, while ONGC tracked lower oil prices to end down more than 1 percent.
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