Indian shares rise

Indian stocks rose more than 1 percent on Friday, recovering from two straight sessions of declines, led by gains in blue-chips such as Reliance Industries Ltd and Larsen & Toubro Ltd. The broader NSE index ended up 1.18 percent at 10,714.30, yet posted losses for a second straight month.
The benchmark BSE index closed 1.1 percent higher at 35,423.48 and was up for a third straight month. Both indexes, however, marked their first weekly loss in six as lingering concerns of US-China trade war, a fall in rupee and a firm rise in oil prices hurt the market.Reliance Industries and Larsen & Toubro advanced 2.9 percent and 3.2 percent, respectively. The Indian rupee, which breached the 69 per dollar mark for the first time on Thursday, recovered tracking a rebound in Asian shares and currencies. MSCI's broadest index of Asia-Pacific shares outside Japan was trading more than one percent higher.
Market sentiment across the globe was negative over the past few weeks on worries of escalating US-China trade war. "It is going to be tough for Trump to follow through on his trade rhetoric. Given that US administration is focused on market performance, crude oil prices and inflation, it's going to be tough for the US to put through meaningful trade tariffs," said Sunil Sharma, chief investment officer at Sanctum Wealth Management
India is a domestic-focused economy with strong consumption trends and the economy is not showing any signs of rolling over, Sharma added.
Energy stocks led the gains on the indexes, with oil-to-telecom conglomerate Reliance Industries Ltd rising as much as 3.2 percent.
Beaten down counters such as state-run lenders recovered with the Nifty PSU Bank index gaining over 2.5 percent. The index was on track to snap a four-day losing streak.
A weaker rupee coupled with a shift in sectoral funds have helped the pharma and information technology stocks shrug off the weakness in the broader markets in June.
Metal stocks rose, with Hindalco Industries Ltd, the top percentage gainer on the NSE index, jumping more than 4 percent.
Shares of Tata Steel Ltd gained as much as 3.5 percent after key labour representatives of Thyssenkrupp on Thursday signalled their support for a planned joint venture with the Tata Group-owned steelmaker.