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Indian Equities Post Fourth Straight Weekly Gain Ahead Of Inflation Data

The NSE Nifty 50 index climbed 0.22 per cent to 17,698.15, at close, and the S&P BSE Sensex rose 0.22 per cent to 59,462.78

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Indian shares extended gains from previous trading sessions on Friday to post their fourth weekly addition, fuelled by metal and energy stocks, while investors awaited domestic inflation data for July. 

The Consumer Price Index (CPI) data is scheduled to be released after market close. A Reuters poll showed India's retail inflation likely eased in July due to a fall in food and fuel prices but stayed well above the Reserve Bank of India's upper tolerance limit of 6 per cent for a seventh consecutive month. 

The NSE Nifty 50 index climbed 0.22 per cent to 17,698.15, at close, and the S&P BSE Sensex rose 0.22 per cent to 59,462.78.

With a gain of over 1.7 per cent each for the truncated week due to a market holiday on Tuesday, the benchmark indexes still logged their fourth straight weekly gain - the longest winning streak since January. Both the indexes climbed 6% in the past four weeks, having risen 1.8 per cent year-to-date, Refinitiv data showed.

Indian equities market will be closed on Monday for a holiday.

In Mumbai trading on Friday, Nifty's metal index and energy index were the best performers among other sub-indexes, climbing 1.64 per cent and 1.88 per cent, respectively.

Among top-performers on the Nifty 50, state-owned oil producer Oil and Natural Gas Corp (ONGC.NS) rose 4.8 per cent ahead of its quarterly earnings, while Tata Steel advanced 3.3 per cent.

SoftBank Group-backed digital payments firm Paytm closed 5 per cent lower afterlocal proxy advisory firm Institutional Investor Advisory Services said it opposed the reappointment of Vijay Shekhar Sharma as chief executive officer.

The Indian rupee ended lower on Friday to post a weekly loss, as a likely one-time dollar outflow dragged the currency as against stronger Asian peers that gained from softening US inflation data.

Globally, equities headed for a fourth straight week of gains as investors tempered views on how far US interest rates and inflation can climb.


(Reuters)


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sensex nifty stock market inflation oil and gas