India's NSE index rose for the second successive session on Thursday to its highest since April 2015 as sentiments were lifted by positive earnings of companies such as Bharti Airtel. The BSE index closed 0.66 percent up at 28,208.62 points. The broader NSE index ended 0.59 percent higher at 8,666.30 points. Asian Paints ended as the top percentage gainer on the NSE after hitting a record high earlier in the session.
Shares also got a boost after the Federal Reserve said near-term risks to the US economic outlook had diminished, but gave no firm indication of whether it would raise rates at its next policy meeting in September. Foreign investors have net bought Indian shares for 13 consecutive sessions as of Tuesday, bringing net purchases for the month to $1.3 billion and overall buying so far this year to $4.2 billion. "We have witnessed multiple FII (foreign institutional investor) buying take place and the current trend in earnings is only acting as a catalyst," said Rajesh Agarwal, director of research at Eastern Financiers.
Gains could however be capped as monthly derivative contracts are set to expire at the end of the session. Bharti Airtel rose as much as 2.5 percent as June-quarter net profit beat analysts' estimates, Thomson Reuters data showed. Asian Paints hit a record high after posting a 19 percent increase in profit in the June quarter. It was the top percentage gainer on the NSE index. Shares of Multi Commodities Exchange of India (MCX) rose 5.5 percent.
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