Indian shares rose on Friday on the back of upbeat US economic data, but posted their biggest weekly decline in nearly three months, bruised by a global selloff earlier this week. The benchmark BSE index ended 0.61 percent higher, while the broader NSE index gained 0.67 percent. Both indexes recorded their third consecutive weekly falls with the BSE index losing 3.56 percent and the NSE index shedding 3.59 percent, marking their biggest weekly declines since June 5.
The two indexes had hit their lowest intraday levels in about a year on Tuesday. Both indexes headed for their highest close since August 21. Wall Street rose sharply overnight, thanks to revised US gross domestic product data showing the economy grew faster than initially thought in the second quarter - a reassuring sign amid worries over deepening economic woes in China.
"Some positive global triggers but the last hour will be crucial. We are on the last day of the week and the first day of the F&O contract, there could be some pull and push," said Gaurang Shah, vice president at Geojit BNP Paribas. The benchmark BSE index was up 1.51 percent after rising as much as 1.73 percent earlier in the day. It has lost 3.22 percent so far this week, heading for its third straight weekly fall.
Financial, IT, consumer discretionary and oil stocks led the gains. Oil stocks rose with a rebound in crude prices. ONGC Ltd climbed 5.67 percent, Reliance Industries Ltd rose 0.86 percent and Cairn India Ltd gained 5.6 percent. Banking stocks continued to see heavy buying, with ICICI Bank Ltd up 2 percent, HDFC Bank Ltd 1.6 percent and Axis Bank Ltd higher 2.3 percent. Infosys Ltd and HCL Technologies Ltd led the gains among IT stocks. Consumer discretionary stocks such as Bajaj Auto Ltd rose 3 percent, while Tata Motors Ltd gained 1 percent.
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