Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Indian shares book fourth straight weekly gain on government support boost

09/17/2021 | 06:41am EDT
FILE PHOTO: A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai

BENGALURU (Reuters) - Indian shares retreated from record highs on Friday but posted their fourth straight week of gains as a series of government support schemes boosted sentiment across sectors.

The blue-chip NSE Nifty 50 index index ended down 0.3% at 17,585.15, while the benchmark S&P BSE Sensex fell 0.2% to 59,015.89.

Both the indexes gained more than 1.2% for the week, extending a run that has made them the best performing Asian equities so far this year thanks to an accommodative monetary policy and easing COVID-19 curbs.

"There is also support from an expected postponement of the tapering of bond-buying as inflation remains under control ... liquidity continues to pour in," said KK Mittal, an investment advisor at Venus India.

Banking stocks were among the top performers this week, rising 3%. The gains came after the finance ministry on Thursday announced a 306.00 billion rupees ($4.16 bln) guarantee for securities to be issued by a newly incorporated "bad bank," the latest attempt to clean up the country's pile of bad loans.

The subindex ended 0.4% higher on Friday to register four consecutive sessions of gains.

Banks with exposure to debt-laden telecom companies also benefited from a government relief package for the sector unveiled on Wednesday.

The S&P BSE Telecom index ended 0.9% higher on Friday and advanced 6.7% for the week.

Auto stocks notched a weekly gain of 2.4%, helped by the federal cabinet approving an incentive scheme for the sector aimed at boosting the production of electric and hydrogen fuel-powered vehicles.

Among the big movers on Friday, airline operator InterGlobe Aviation rose 10.9% after regulatory data showed passenger growth jumping in August as COVID-related travel restrictions eased.

Rival SpiceJet advanced 3.4%.

(Reporting by Soumyajit Saha in Bengaluru, additional reporting by Gaurav Dogra; Editing by Aditya Soni)

By Soumyajit Saha


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BIOCON LIMITED -1.22% 343.3 Delayed Quote.-25.30%
POONAWALLA FINCORP LIMITED -1.67% 159.35 Delayed Quote.0.00%
TUBE INVESTMENTS OF INDIA LIMITED -1.16% 1359.9 End-of-day quote.69.06%
Latest news "Economy & Forex"
03:17aAustralia's Aristocrat Leisure makes $2.9 billion bet on online gambling provider Playtech
RE
03:16aChina's power woes may worsen as demand surges amid coal supply lag
RE
03:16aChina refinery throughput hits 16-month low as quota, power crunch bites
RE
03:15aJGB yields track U.S. yields higher ahead of 20-year note auction
RE
03:13aStellantis, LGES to form battery JV for North American market
RE
03:12aEuro zone bond yields rise amid global rate repricing
RE
03:12a'CEMENT MOUNTAIN' : China's rocky road on biodiversity beyond rosy UN summit
RE
03:12aUmicore lowers profit forecast as chip shortage bites
RE
03:09aS.Korean stocks end three-day rally on China GDP, surging oil prices
RE
03:06aTsinghua Unigroup says working with seven strategic investors in restructuring
RE
Latest news "Economy & Forex"