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Money News

Nifty, Sensex rise on hopes of business revival, global rally

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, February 26, 2016. REUTERS/Shailesh Andrade/Files

BENGALURU (Reuters) - Indian shares settled higher on Friday and clocked a 1.7% gain for the week, as investors stayed hopeful of a pick up in business activity in a coronavirus-hit economy and took their cue from a tech-driven rally on Wall Street.

India's blue-chip NSE Nifty 50 index .NSEI gave up some of its gains from earlier on Friday, as conglomerate Reliance Industries Ltd RELI.NS turned negative to settle 0.7% lower.

Banking stocks .NIFTYBANK rose 1.36%, led by a 2.5% gain in HDFC Bank Ltd HDBK.NS. Among state-run lenders, the Bank of Maharashtra BMBK.NS gained 15%.

The Nifty 50 ended up 0.53% at 11,371.60, about 0.3% shy of its more than five-month closing high on Wednesday. The S&P BSE Sensex .BSESN closed up 0.56% at 38,434.72.

Investors were counting on business activity bouncing back in India, which has helped beaten-down stocks in sectors such as real estate see a revival, analysts said on Friday.

The Nifty realty index .NIFTYREAL settled 1.24% higher on Friday. The index has surged 11.5% in August alone, but is still down 25% since the start of the year.

In signs of support to business activity, India’s capital New Delhi allowed hotels and weekly outdoor markets to re-open this week after months of restrictions, while the federal government said it had paid out 1 trillion rupees ($13.3 billion) in loans to support small businesses hit by the COVID-19 pandemic.

Global stock markets, meanwhile, rose on Friday following a tech-driven Wall Street rally that powered the Nasdaq to a record closing high, but tepid economic data and lofty valuations reined in the advances.

Reporting by Sachin Ravikumar; Editing by Krishna Chandra Eluri

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