Indian stocks opened higher on Thursday, tracking global equities after the latest US retail sales data showed strength in the world’s largest economy. Meanwhile, the return of foreign buying of domestic stocks also boosted market sentiment. The Nifty 50 was up 0.61% at 18,126.75 by 9:43 am, while the S&P BSE Sensex was up 0.62% at 61,662.59.

The gains in domestic stocks came after US retail sales data posted their biggest increase in nearly two years in January, boosting Wall Street and global stocks.

All 13 major industry indexes rose on Thursday, helped by a 1.15% gain in heavyweight information technology stocks. IT stocks derive a significant portion of their revenue from US customers.

The metals index rose nearly 1.2%. The oil and gas index rose 1% after the government cut windfall taxes on exports of crude oil and aviation turbine fuel, and diesel in a fortnightly revision on February 15.

Foreign institutional investors bought Indian stocks for the fourth consecutive session on Wednesday.

FIIs have been net buyers of Rs 45.17 billion ($546.24 million) over the past four sessions, reversing a long-term sell-off earlier this year.