BENGALURU: IT and energy stocks boosted Indian shares on Friday, helping the main indexes end the week with gains of more than 1%, while investors awaited the retail inflation reading for October later in the day.
The blue chip NSE Nifty 50 index and the benchmark S&P BSE Sensex gained 1.28% each to end at 18,102.75 and 60,686.69, respectively.
The main indexes struggled this week and fell about 0.7% on Thursday, tracking weak global cues following a big jump in US consumer prices.
But European and Asian shares gained on Friday as investors looked past the big surge in US inflation.
Banks, auto stocks drag Indian shares as inflation fears weigh
"The momentum lost during the week was regained as inflation worries started fading, with investors shifting their focus to good quarterly earnings," said Vinod Nair, head of research at Geojit Financial Services.
India's October retail inflation report is due at 1200 GMT, with a Reuters poll forecasting it likely hovered near a six-month low, which would give the central bank room to stay pat on interest rates for now.
In Mumbai trading, the Nifty IT index gained 2.1%, snapping two straight sessions of losses, as Tech Mahindra added 4.1% and Wipro rose 2.8%.
The Nifty energy index was up 1.32% and notched its sixth session of gains in seven. Oil and gas explorer ONGC gained 0.75% ahead of its quarterly results report.
Among individual stocks, Hindalco Industries ended 3.2% higher to be among the top percentage gainers on the Nifty 50. The aluminium and copper producer's September-quarter profit soared.
Housing finance companies HUDCO and Indiabulls Housing Finance fell 4.1% and 2.9%, respectively, after weak quarterly reports on Thursday.
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