India's NSE index edged higher on Friday, rising for a third consecutive session, as Asian markets hit an 18-month peak and banking stocks recovered from recent losses.
The broader NSE index rose 0.17 percent to 8,793.55, while the benchmark BSE index closed up 0.02 percent at 28,334.25. The BSE index gained 0.56 percent for the week, while the NSE index added 0.60 percent. Both indexes rose for the third straight week.
MSCI's broadest index of Asia-Pacific shares outside Japan rose to its highest since July 2015, on upbeat Chinese trade data and US President Donald Trump's announcement of tax incentives to help businesses.
"I feel it's post-budget buying, taking place in certain counters," said Deven Choksey, managing director at KR Choksey Shares and Securities.
"Till the end of March we might see this sort of buying taking place and I don't see any major correction in this period."
Banking stocks were the biggest gainers on Friday with the Nifty bank index rising as much as 0.8 percent. State Bank of India Ltd climbed as much as 1.8 percent ahead of its quarterly results later in the day. It had closed 0.5 percent lower in the previous session.
IT companies were also in the green with Tata Consultancy Services Ltd and Infosys Ltd gaining as much as 1.4 percent and 0.9 percent, respectively. The Nifty IT index
rose as much as 0.9 percent, heading for a third straight gain.
Grasim Industries Ltd hit four-month highs after US index provider MSCI added the company to its Emerging Markets index on Thursday.
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