BENGALURU: India’s stock benchmarks advanced on Friday, paring weekly losses while ending their longest weekly winning streak in six years on profit booking at record high levels earlier in the week. Both the NSE Nifty 50 and BSE Sensex lost about 0.5% each this week, dragged by the fall in recent outperformers like financials and auto stocks.
The blue-chip indexes had gained 12.65% and 12.07% over the last seven weeks, aided by strong domestic macroeconomic data, a return of foreign inflows due to improving US rate outlook and moderation in oil prices.
“The rally in Indian markets will continue as the outlook remains positive, but the pace may moderate a bit,” said Ajit Banerjee, chief investment officer at Shriram Life Insurance.
On the day, the blue-chip NSE Nifty climbed 0.44% to 21,349.40, while the S&P BSE Sensex added 0.34% to 71,106.96.
Information technology companies, reliant on US revenue, gained 2.27% as gross domestic product (GDP) for the September quarter was revised down.
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