MUMBAI: India’s blue-chip indexes advanced in a broad-based rally for a second straight week, as soft US jobs data bolstered bets of a Federal Reserve rate cut next week. The indexes gained 1.5 percent this week, also supported by New Delhi’s tax cuts on hundreds of goods as well as hopes of a revival of trade talks with the United States.
On Friday, the Nifty 50 gained 0.43 percent to 25,114, while the BSE Sensex rose 0.44 percent to 81,904.7.
In the week, 15 of the 16 major sectors gained while broader smallcaps and midcaps rose 1.9 percent and 2 percent, respectively.
IT companies, which earn a large share of revenue from the US, gained 4.3 percent in their best week in about four months, aided in part by a share buyback plan by India’s second biggest IT company, Infosys.
The Federal Reserve is expected to cut rates by 25 basis points at its September 16-17 meeting. Investors expect two more rate cuts later in the year.
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