BENGALURU: Indian shares ended higher on Monday after two straight weekly losses as IT stocks rebounded and Reliance Industries jumped on a brokerage upgrade, while investors also eyed the federal budget and more blue-chip earnings.

The blue-chip NSE Nifty 50 index climbed 1.39% to 17,339.85, while the S&P BSE Sensex rose 1.42% to 58,014.17. The indexes shed about 3% each last week.

Foreign investors sold off heavily this month in the run-up to the budget due Tuesday, where analysts expect additional fiscal measures to boost investment amid a third wave of COVID-19 infections.

The Nifty finished January slightly lower, while the Sensex shed 0.4%, as losses in the last two weeks outweighed sharp gains at the beginning of the month.

Jefferies said valuations of Indian equities were still not in “the comfort zone” despite the recent correction driven by worries over the US Federal Reserve tightening.