BENGALURU: Indian shares steadied on Friday and were on track to end higher for a fourth straight week driven by strength in metal stocks, while investors awaited domestic inflation data for July due later.
The NSE Nifty 50 index was up 0.01% at 17,660.45, as of 0425 GMT, and the S&P BSE Sensex fell 0.02% to 59,319.41.
Technology stocks weighed on the market, although the benchmark indexes were on their way to register the longest winning streak since January.
In the past four weeks and including Friday’s session, both the BSE Sensex and NSE climbed over 5%, and were up nearly 1.8% year-to-date, data showed.
Markets were shut on Tuesday for a local holiday. Market participants watched for Consumer Price Index (CPI) data scheduled after market close.
A Reuters poll showed India’s retail inflation likely eased in July due to a fall in food and fuel prices but stayed well above the Reserve Bank of India’s upper tolerance limit of 6% for a seventh consecutive month.
Indian shares hit four-month high; inflation data eyed
In Mumbai trading, Nifty’s metal index and energy index climbed 1.84% and 1.16%, respectively, while IT index declined 0.75%.
Among top-performers on the Nifty 50, state-owned oil producer Oil and Natural Gas Corp climbed nearly 4% ahead of its quarterly earnings results and Tata Steel advanced 2.4%. Apollo Hospitals Enterprise dropped 2.4%.
The company late on Thursday reported a 35% fall in quarterly profit.
“The Nifty would see some kind of profit booking attempts ahead of a long weekend and as it gained almost 1500 points in last eight trading session,” said Prashanth Tapse, research analyst at Mehta Equities.
Indian markets will be closed on Monday.
Broader Asian equities tracked Wall Street’s overnight weakness as investors were jittery over uncertainty around the pace of interest rate hikes by the Federal Reserve to tackle inflation despite some softness last month.
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