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Indian shares edged higher on Friday to a record close, boosted by surging financial and energy stocks, while investors awaited monthly inflation data for clues on the central bank's monetary policy. The broader NSE index closed 0.28 percent higher at 10,681.25, while the benchmark BSE index ended up 0.26 percent at 34,592.39. The indexes hit record closing levels four times this week.
For the week, the NSE index added 1.2 percent, while the BSE index advanced 1.3 percent. Both indexes posted their sixth consecutive weekly gain. ICICI Bank Ltd rose 2.7 percent, while Reliance Industries Ltd closed 1.2 percent higher. India's retail inflation rate likely rose to a 17-month high in December, a Reuters poll showed, suggesting pressure on the Reserve Bank of India to tighten monetary policy.
"There is a little bit of hesitation seen ahead of key macro data coming later in the day. Apart from that, the earnings numbers did not have any major surprises, specifically any negative ones to breach the ongoing positive momentum," said Anand James, chief market strategist at Geojit Financial Services.
"Whatever has come in till now, say, IT company results or private sector bank results such as South Indian Bank Ltd and IndusInd Bank Ltd, the numbers are largely in line with expectations. "Markets are waiting for more corporate results to flow in to see signs of recovery after the goods and services tax and the withdrawal of high-value bank notes, he added. Indian Oil Corp Ltd rose 0.8 percent. Meanwhile, IT stocks slipped, with the NSE IT index down for the first time in seven sessions.

Copyright Reuters, 2018

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