Stellar TCS results, US debt deal to push Nifty above 6100?

In the US, stocks closed at session highs on Wednesday with the Dow surging 200 points and S&P within one percent of hitting its record after Senate leaders announced a long-awaited compromise to raise the debt ceiling and put an end to the government shutdown. The agreement came just one day before the treasury was expected to exhaust its ability to borrow more money

The Senate passed a last-minute deal on Wednesday evening to avert a damaging debt default and to reopen the government after a more than two-week shutdown. Voting finished with 81 senators voting for passage and 18 opposing it. The House of Representatives is set to vote on the same bill soon and is expected to pass. It will then be signed into law by President Barack Obama soon thereafter. European stocks closed higher overnight, paring earlier losses, as investors bet on an imminent deal in the US to end the shutdown. In Asia,  the Yen hit a new three-week low against the dollar for a second consecutive session, trading at 99 per dollar; seventh straight session of gains. Korea-central bank data showed producer prices eased for a twelfth straight month in September. Meanwhile, the Indian market snapped its five-day winning streak on Tuesday as the Nifty closed below 6100 level due to profit booking on financials. Financials were the most hit as the Bankex was fell 2.7 percent on fears of a repo rate hike by the Reserve Bank (RBI) going forward. The Sensex was closed at 20547.62, while the Nifty ended the day at 6089.05.  In key earnings watch out for Axis Bank. Weaker asset quality is expected to weigh high on the numbers.  HCL Technologies reported a consolidated PAT at Rs 1,416 crore. Tata Consultancy Services (TCS) beat the street expectations after its net profits rose 23.86 percent sequentially to Rs 4,702 crore during the July-September quarter. Bajaj Auto too reported a better-than-expected 13 percent rise in profits year-on-year and a best ever export revenue growth. In the currency space, dollar rose against most currencies. The greenback had risen earlier to a three-week high against the Yen and a two-week peak versus the Euro. The dollar index is flat at around 80.50 In commodities, crude cheers the news from Washington. Brent crude was up 1 dollar per barrel to over 111. Nymex is up 1.08 dollars per barrell at 102.29 From precious metals space, gold prices edged up to 1281 an ounce. Gold has fallen about 4 percent since the government shutdown began on October 1, disappointing investors who had hoped that uncertainty over the US economic situation could spur safe-haven bids.