Indian shares reversed early losses to finish higher on Friday, as positive global cues and encouraging macroeconomic data helped offset a mixed set of earnings results from prominent IT companies.
Global cues were positive, the dollar weakened, and Treasury yields dipped as soft U.S. inflation data for December helped calm worries over the Federal Reserve’s rate-hike trajectory.
India’s retail consumer price inflation slowed slightly at the end of the year and industrial production rebounded in November, giving fiscal room for the central government to manage its finances better.
The benchmark S&P/BSE Sensex ended a choppy session up 303.15 points, or 0.51 percent, at 60,261.18, snapping a three-day losing streak.
The broader NSE Nifty index settled 98.40 points, or 0.55 percent, higher at 17,956.60.
Among the prominent gainers, Infosys, Tata Steel, Eicher Motors, IndusInd Bank and Adani Enterprises rose 1-2 percent.
The rupee continued its winning run on the back of a weaker dollar in overseas markets while oil extended gains for a seventh straight session, heading for solid weekly gains on expectations of improved demand growth in China and hopes of less aggressive rate hikes in the United States.
Market Analysis
Sensex, Nifty Reverse Course To End Higher
2023-01-13 10:25:43
