BENGALURU: Indian shares rose on Friday and logged weekly gains, aided by a rise in financials and optimism that the rate hike cycle may be near the end after global central banks hinted at inflation easing, while an intraday rebound in key Adani group stocks added to gains.
The Nifty 50 index closed xx% higher on Friday at xx, while the S&P BSE Sensex climbed xx% to xx. The Nifty 50 and Sensex rose xx% and xx%, in the week.
High weightage financials rose over 2% ahead of earnings of the country’s largest lender State Bank of India and after clarification from life insurers SBI Life and HDFC Life, addressing investor concerns regarding the latest budget proposals.
“Financials are likely to outperform the benchmarks, due to strong fundamentals and SBI is expected to deliver strong Q3 numbers,” said Narendra Solanki, head of equity research at Anand Rathi Shares & Stock Brokers.
The clarification from life insurance companies has averted a knee-jerk reaction in the markets due to the budgetary announcement, Solanki added.
Insurance stocks declined over the previous two sessions after the budget proposed taxing returns upon maturity of life insurance policy with aggregate premium above 500,000 rupees a year.
SBI Life and HDFC Life, on Thursday, said the impact due to the budgetary proposal would be insignificant.
xx of the Nifty 50 stocks rose with Adani Ports, Titan among the top gainers.
Key Adani stocks, including the Nifty 50 constituents Adani Enterprises and Adani Ports advanced after the recent selloff in the conglomerate’s stocks which has caused a rout of over $100 billion in market capitalisation following the Hindenburg report on Jan. 24.
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