MUMBAI: India’s equity benchmarks advanced on Friday as heavyweights HDFC Bank, ICICI bank and Reliance Industries rose, and logged weekly gains, as optimism over an earnings rebound and growing expectations of a December rate cut buoyed sentiment.
The Nifty 50 rose 0.49 percent to 25,709.85, settling at one-year high levels, while the BSE Sensex gained 0.58 percent to 83,952.19.
Both indexes added about 1.7 percent for the week, now sitting roughly 2.5 percent below their record highs from September 2024.
Strong earnings from Nestle India, aided by recent government tax cuts, signaled a revival in consumption and powered the stock 7.5 percent higher this week.
Minutes from the Reserve Bank of India’s latest policy meeting further lifted rate-sensitive sectors this week by reinforcing expectations of a rate cut in December.
Consumer stocks climbed 3 percent, and auto and realty advanced 2 percent and 4.1 percent, respectively during the week.
Financials, banks rose 2.6 percent and 2 percent, respectively, hitting record high levels.
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