April 13, 2018 / 6:34 AM / 10 days ago

Sensex, Nifty head for longest winning streak since November

(Reuters) - Indian shares rose for a seventh straight session on Friday, in what could be their longest winning streak since November 2017, on the back of gains in index heavyweights such as Reliance Industries Ltd and ICICI Bank Ltd.

An elevator travels next to electronic boards displaying stock figures at the National Stock Exchange (NSE) building in Mumbai, February 9, 2018. REUTERS/Danish Siddiqui/Files

Sentiment was also upbeat after retail inflation eased to a five-month low in March, but remained above the central bank’s medium-term target, supporting views that monetary policy is likely to remain unchanged at the next review in early June.

“Ever since RBI (Reserve Bank of India) cuts its inflation trajectory, the equities have done well. And if this trend of falling inflation and reduction in bond yields continue, good signs await the equity markets,” said Vinod Nair, head of research at Geojit Financial Services.

Investors now await January-March corporate results for future direction. Software services exporter Infosys Ltd will kick-start the March-quarter results season later in the day.

“Excluding banks, expectations for March-quarter results are positive,” Nair added.

The broader NSE Nifty was up 0.48 percent at 10,508.75 as of 0541 GMT, while the benchmark BSE Sensex was 0.5 percent higher at 34,272.29.

The BSE index has gained 1.9 percent so far this week, while NSE index has added 1.7 percent.

Among gainers, Reliance Industries Ltd rose nearly 1 percent on Friday and hit its highest since March 5. Infosys extended gains into a fourth session and hit a three-week high, while Adani Ports and Special Economic Zone Ltd jumped nearly 4 percent and was the top percentage gainer on both indexes.

The Nifty Bank index climbed for a second straight session, with both ICICI Bank Ltd and Kotak Mahindra Bank Ltd trading more than 1 percent higher.

Metal stocks climbed with the Nifty metal index up for a third session in four. Hindalco Industries Ltd and Vedanta Ltd rose 2 percent and 1.5 percent, respectively.

A man looks at a screen across the road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai February 6, 2014. REUTERS/Mansi Thapliyal/Files

Reporting by Vishal Sridhar in Bengaluru; Editing by Subhranshu Sahu

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