IT powers Indian shares to first weekly gain in three weeks

BENGALURU: Indian shares snapped a two-week losing streak on Friday led by information technology stocks, after firm US economic data allayed fears of a recession in the world’s largest economy, boosting risk appetite globally.

The NSE Nifty 50 index ended 1.65% higher at 24,541.15 and posted 0.7% weekly gain.

The S&P BSE Sensex added 1.68% to 80,436.84 and was 0.9% higher for the week.

The Nifty posted its best session since July 26, while Sensex logged biggest single-day gain in over two months.