April 5, 2019 / 6:38 AM / 4 months ago

Sensex, Nifty post seventh straight weekly gain

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, June 29, 2015. REUTERS/Danish Siddiqui/Files

(Reuters) - Indian shares snapped two sessions of losses to end higher on Friday, closing firmer for a seventh consecutive week, as positive global cues added to investor risk appetite a day after the Reserve Bank of India (RBI) slashed a key lending rate.

The RBI on Thursday cut repo rate to 6.00 percent as predicted by 57 of 67 analysts polled by Reuters last week, in a move which is likely to boost the economy just a week before voting begins for the national election.

The benchmark BSE Sensex closed up 0.46 percent at 38,862.23, gaining 0.5 percent in the first week of the 2019-20 financial year.

The broader NSE Nifty ended 0.59 percent higher at 11,665.95, adding 0.36 percent for the week.

Both indexes ended in the green for nine weeks in 10.

Tata Steel Ltd was the top percentage gainer on the NSE index, closing 3.5 percent firmer, while financials were led by Bajaj Finance Ltd, which settled 2.46 percent higher.

Reporting By Arnab Paul in Bengaluru, Editing by Sherry Jacob-Phillips

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