Indian shares rose 1.2 percent on Friday to their highest close in nearly four weeks and logged their best weekly performance in six as gains in European markets on hopes of progress towards a solution to the eurozone's debt crisis boosted risk appetite.
Energy major Reliance Industries and top software services exporter Tata Consultancy Services rose 2.4 percent and 3.8 percent, respectively, ahead of their quarterly earnings, and contributed the most to the main index's gains. The main 30-share BSE index closed 1.18 percent up at 17,082.69, with 19 of its components rising. The index, which had opened 0.3 percent down, added most of the gains in afternoon trade after see-sawing earlier.
It was the index's highest close since September 20. On the week, the benchmark added 5.2 percent, but is still down 16.7 percent this year as rising interest rates have started biting into corporate profits and a series of scandals have paralysed government policy making.
Reliance Industries, India's most valuable firm and the heaviest stock in the main index, added 20 rupees to end at 866.90 rupees, its highest close in about 2-1/2 months. Analysts polled by Reuters expect Reliance, controlled by billionaire Mukesh Ambani, to report on Saturday a 16 percent rise in September-quarter profit on strong refining margins.
The stock, however, is down more than 18 percent this year on falling gas output. Tata Consultancy, which reports quarterly results on Monday, closed at 1,134 rupees, its highest close in about 2-1/2 months. The company is expected to report a 16.5 percent rise in net profit.
No 2 software exporter Infosys, which this week reported a 9.7 percent rise in profit and cut its full-year outlook less than expected, rose 1.7 percent to 2,743.75 rupees. Third-ranked Wipro jumped 4 percent to 363.30 rupees. Shares in top car maker Maruti Suzuki fell 2.9 percent to 1,027.25 rupees, their lowest close since July 2009. The company, majority-owned by Japan's Suzuki, has been losing output due to a lingering labour strike. Maruti shares were down 7.7 percent on the week. The 50-share NSE index gained 1.07 percent to 5,132.30. In the broader market, there were 724 gainers for 704 losers on total volume of about 567 million shares.