BENGALURU: Financial stocks led Indian shares higher early on Friday, setting the blue-chip indexes on course for their first week of gains in three, as a slide in commodity prices tempered inflation fears.

The NSE Nifty 50 index rose 0.87% to 15,691.3, as of 0359 GMT, while the S&P BSE Sensex climbed 0.84% to 52,705.45.

If gains hold, the blue-chip indexes are set to post weekly gains of over 2.5% each.

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The Nifty Bank index rose as much as 1.7%, led by a 3.7% jump in private-sector lender IndusInd Bank.

Oil explorer ONGC climbed up to 4.6% after it said its unit made a new oil discovery in Colombia.