* NSE, BSE indexes up nearly 1 pct
* Indexes set to post biggest weekly gain in six
* NSE set for 3 pct gain for the year, BSE 2 pct
By Tanvi Mehta
Dec 30 Indian shares rose in the last trading
session of 2016 and were set to post a yearly gain as they
recover from the final quarter's losses, which took the shine
off the gains made earlier in the year.
The NSE index was set to gain about 3 percent and
the BSE index about 2 percent in a year that was marked
by volatility from global events including Britain's vote in
June to exit the European Union and the U.S. election victory of
Donald Trump in November. This year's gains would mark a
recovery from a decline recorded in 2015.
At home, the approval of the goods and services tax bill
earlier this year helped boost sentiment, but that was offset
later by the government's move to scrap higher-denomination
notes, raising concerns about economic growth.
But analysts sounded optimism for the new year, with the
Reserve Bank of India expected to cut rates at its next policy
review in early February and the government gearing up to issue
the annual budget.
"Markets remain in comfortable zone, most of the lull was
over in the last month," said Deven Choksey, managing director
of KR Choksey Securities.
"Market is expecting positive outlook from budget in
The NSE index was up 0.91 percent at 8,176.35 as of 0639 GMT
on Friday, heading for a gain of 2.3 percent for the week, its
biggest since the week ended on Nov. 18.
The BSE index was up 0.98 percent at 26,625.99, heading for
a weekly gain of 2.1 percent.
Both indexes, however, were down for the month, with the BSE
down 0.2 percent and the NSE down 0.6 percent.
Among NSE's members, Hindalco Industries was the
top gainer for the year, followed by Yes Bank and Tata
By contrast, Idea Cellular Bharat Heavy
Electricals and Aurobindo Pharma were the
The Nifty IT index, which fell nearly 8 percent
this year facing the brunt of Brexit, was up 0.68 percent on
Friday, with Just Dial and Tata Elxsi rising
about 2 percent each.
The Nifty Bank index which rose about 7 percent
this year as of Thursday's close, was trading 0.76 percent
higher on Friday.
Across the sectors, autos and financials were among the
biggest gainers while IT stocks were among the decliners for the
(Reporting by Tanvi Mehta in Bengaluru; Editing by Amrutha