BENGALURU, July 8 (Reuters) – Indian shares gained for a third straight week to close at a one-month high on Friday as inflation concerns ebbed, while IT major Tata Consultancy Services (TCS.NS) slipped ahead of its quarterly earnings report.
The NSE Nifty 50 index (.NSEI) ended 0.54% higher at 16,220.6, while the S&P BSE Sensex (.BSESN) gained 0.56% to 54,481.84, advancing in line with Asian peers. The indexes were up about 3% for the week.
However, news that Japan’s former prime minister Shinzo Abe died after he was shot during a speech blunted gains in Asia. Investors also awaited key U.S. jobs data later in the day. read more
“The market was in oversold territory and we have positive news of a decisive downturn in commodity and crude prices, so that has helped the market bounce amid easing foreign investor selling,” said Gaurav Dua, head, capital market strategy at Sharekhan.
Foreign investors sold a net $373.31 million worth of Indian equities up to Thursday, the smallest outflow in five weeks, compared with net $556.13 million in the same period last week.
A mutual fund industry body said inflows in funds were likely to remain weak in the current quarter. read more
Easing inflation worries was a 6.25% drop in Brent crude this week up to Thursday’s close, while copper , a bellwether for economic output, shed 2.8% amid demand worries.
In Mumbai, construction major Larsen & Toubro (LART.NS) was the top percentage gainer, jumping 4.7% to log its best day since February 2021.
The Nifty Energy index (.NIFTYENR) advanced 1%, with Adani Transmission (ADAI.NS) and Power Grid (PGRD.NS) each gaining 3%, while NTPC (NTPC.NS) climbed 2.3%.
Tata Motors (TAMO.NS) rose 2.5% to a more than five-week closing high. The automaker said global wholesales climbed 48% in the first quarter.
Indian sugar firms jumped after the government extended an export period for mills.
TCS, which will kickstart the earnings season later in the day, closed 0.7% lower.
Source :- reuters