Indian shares edge higher on earnings support; rupee hits record low

Indian shares extended gains in early trade on Thursday, as some firms got an earnings boost, although the rupee falling to another record low on elevated oil prices and outflows curbed gains.

The move was in line with Asian shares, which were powered by AI fervour that pushed South Korea’s SK Hynix to the brink of joining the trillion-dollar club. Globally, investors watched a high-stakes summit between U.S. President Donald Trump and China’s Xi Jinping.

In India, the Nifty 50 rose 0.28% to 23,480.5 as of 10:10 a.m. IST while the BSE Sensex added 0.2% to 74,757.36.

The blue-chip indexes rose about 0.1% a day earlier, after shedding 4% over the previous four sessions, pressured by a falling rupee, higher oil prices and Prime Minister Narendra Modi’s austerity call.

Analysts said the rebound reflects “oversold” market conditions rather than a decisive shift in the mood.

“The final leg of the earnings season and selective policy tailwinds provide stock- and sector-specific support for the markets, but the overall sentiment remains fragile due to elevated crude prices,” said Siddhartha Khemka, head of research of wealth management at Motilal Oswal Financial Services.

Indian shares have seen an unprecedented $23.2 billion of foreign outflows so far this year.

The rupee fell past the 95.85-per-dollar handle to a record low on worsening current and capital account strain on Asia’s third-largest economy.

Among shares, eight of the 16 major sectors rose but the broader small-caps and mid-caps declined 0.7% and 0.3%, respectively.

India’s No. 2 telecom operator Bharti Airtel advanced 2.2% after reporting higher quarterly profit, helped by users moving to costlier plans and strength in its Africa business.

State-owned explorer Oil India rose 2.4% on higher quarterly profit.

Bucking the trend, IT shares fell 1.7%, with all 10 constituents falling.