Indian shares mark longest winning streak since November

Indian shares ended higher for a seventh straight session on Friday, marking their longest winning streak since November 2017, led by gains in index heavyweights such as Reliance Industries Ltd and Kotak Mahindra Bank Ltd. The broader NSE index ended 0.21 percent higher at 10,480.60 points, while the benchmark BSE index closed up 0.27 percent at 34,192.65. Both indexes were up for a third straight week, with NSE index gaining 1.4 percent and BSE index climbing 1.6 percent.
Software services exporter Infosys Ltd ended 0.76 percent higher ahead of its March-quarter results. Reliance Industries and Kotak Mahindra Bank ended up over 1 percent. 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. 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.