Indian shares ended higher on Friday, posting their biggest yearly gain in three, as strong foreign fund inflows, hopes of an improving economy and higher corporate earnings boosted investor confidence. The BSE index rose 0.62 percent to end the year at 34,056.83, while the broader NSE index ended 0.5 percent higher at 10,530.70.
For the year, the NSE index has risen 28 percent, while the BSE index has climbed 27 percent. Foreign investors have net bought Indian stocks worth $7.6 billion so far in the year, according to clearing and exchange data. "Ever since Gujarat elections, expectations are rising that the upcoming Budget would be rural focused and that is supporting the market sentiment in the near term. Though crude's spike towards $70 could be a risk," said Hitesh Agrawal, EVP & Head - Retail Research, Religare Securities Ltd.
On Friday, shares of Reliance Communications Ltd surged as much as 30 percent to their highest since April 7. The Anil Ambani-backed company on Thursday agreed to sell its wireless assets to Reliance Jio Infocomm Ltd, the telecoms arm of elder brother Mukesh Ambani's Reliance Industries Ltd. Reliance Industries, up 0.8 percent, and Idea Cellular Ltd, up more than 3.5 percent, extended gains for a second straight session.
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