BENGALURU: Indian shares rose over 1% on Friday, boosted by information technology companies and banks as cooling US inflation fuelled hopes that aggressive Federal Reserve rate stance might begin to ease.

The NSE Nifty 50 index rose 1.3% to 18,269 as of 0351 GMT, while the S&P BSE Sensex added 1.4% to 61,453.18.

All three major US stock indexes notched their biggest one-day percentage gains in about two-and-a-half years in a broad, robust rally as the Labor Department’s data showed the annual consumer price index number below 8% for the first time in eight months.

India will report its October inflation number next week.

Indian shares fall as autos weigh, awaits US inflation data

In domestic earnings, Nifty component Mahindra and Mahindra , top insurer Life Insurance Corporation of India, battery maker Exide Industries, engineering company Bharat Heavy Electricals will be among the scores of companies reporting quarterly numbers.

The Nifty IT index surged 3.2%, while the bank index gained 1.3%.

Shares of Zomato jumped 10% after the Indian food delivery firm on Thursday reported a narrower loss for the second quarter.