Indian shares set for sixth weekly gain, ONGC jumps
- The Nifty Auto Index was up 0.25% ahead of the release of November auto sales numbers by an industry body, due at around 0430 GMT.
BENGALURU: Indian shares rose on Friday and were set for a sixth straight weekly gain as Oil and Natural Gas Corp surged on the back of higher crude prices, with sentiment also supported by optimism over COVID-19 vaccines.
The NSE Nifty 50 index rose 0.48% to 13,543.6 by 0356 GMT, while the benchmark S&P BSE Sensex was up 0.46% at a record high of 46,171.47.
Both the indexes were set to finish the week more than 2% higher.
ONGC climbed 8.4% to its highest since Feb. 25 after Brent rose above $50 for the first time since March, as coronavirus vaccination rollouts kept hopes alive that demand for crude would build up next year.
The Nifty Auto Index was up 0.25% ahead of the release of November auto sales numbers by an industry body, due at around 0430 GMT.
Agrochemical firm UPL Ltd, which slid 11% on Thursday after a report that its promoters siphoned off money, gained 4% on Friday. UPL has denied the report.
Asian shares traded higher after a panel of outside advisers to the US Food and Drug Administration on Thursday voted overwhelmingly to endorse emergency use of Pfizer's coronavirus vaccine, with investors also watching US fiscal stimulus talks and Brexit negotiations.
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