Indian Shares Snap Four-day Losing Streak
(RTTNews) - Indian shares closed higher on Friday, with benchmark indexes snapping a four-day losing streak, as dovish comments from Federal Reserve Governor Christopher Waller prompted traders to scale back expectations of a Federal Reserve rate increase this month.
The 30-share BSE Sensex rose 362.57 points, or 0.48 percent, to 76,515.43 despite concerns over elevated oil prices and caution ahead of the August U.S. nonfarm payrolls report later in the day, which could offer additional clues on the Federal Reserve's policy path. The benchmark index hit as high as 76,883.14 in intra-day trading before paring gains.
The NSE Nifty index closed up 24.25 points, or 0.10 percent, at 23,897.70, after having hit a high of 24,005.75 earlier in the session.
The BSE mid-cap index ended little changed while the small-cap index rose 0.2 percent.
The market breadth was strong on the BSE, with 2,484 shares rising while 1,900 shares declined and 234 shares closed unchanged.
Banks and financials ended broadly higher, with Kotak Mahindra, Bank, HDFC Bank and Bajaj Finance all gaining more than 1 percent after a decline in U.S. Treasury yields.
Metal stocks gained for a second consecutive session, with Tata Steel rallying nearly 3 percent, Hindustan Zind surging 2 percent and JSW Steel rising over 1 percent.
Among other prominent gainers, Adani Ports, Trent and Reliance Industries all rose over 1 percent.
Bharti Airtel led losses to close 1.2 percent lower while IT stocks such as Tech Mahindra, TCS and HCL Technologies ended down between 0.3 percent and 1.2 percent.
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