Indian shares post weekly gains on Fed pause hopes

BENGALURU: Indian shares closed higher on Friday, driven by a jump in Hero MotoCorp Ltd , following strong monthly sales, while signs that the US Federal Reserve could pause its interest rate hiking cycle underpinned investor sentiment. The blue-chip Nifty 50 ended 0.25% higher at 18,534.1, while the benchmark S&P BSE Sensex advanced 0.19% to 62,547.11. For the week, both indexes closed slightly higher. The Nifty is off just about 2% from all-time highs hit in December and has outperformed MSCI’s broadest index of Asia-Pacific shares outside Japan so far this year.

The Nifty Midcap 100 and the Nifty Smallcap 100 also ended 0.5% higher each and marked their tenth straight week of gains.

Easing inflation at home, stronger-than-expected economic growth data, and fast-paced expansion of India’s factory output have improved investor confidence, analysts said.