BENGALURU, Oct 23 (Reuters) - Indian shares ended higher on
Friday, driven by gains in auto stocks, while a 15 billion
rupees investment from Walmart Inc's Flipkart pushed Aditya
Birla Fashion and Retail up as much as 17%.
The NSE Nifty 50 index rose 0.28% to 11,930.35,
while the benchmark S&P BSE Sensex gained 0.31% at
40,685.50. For the week, both the indexes gained more than 1%
Aditya Birla Fashion and Retail gave up some early
gains to close 7.5% higher at its best level since March 26
after Flipkart said it will buy a 7.8% stake in the company.
The Nifty Auto Index rose nearly 3%, with
carmaker Maruti Suzuki up 4.3%, leading gains as well
as acting as the top boost to the blue-chip Nifty 50 index.
"The market is precariously perched, fervently praying that
the fiscal stimulus bill in the United States will be passed and
that a torrent of liquidity will flow into global equity
markets," said Ajay Bodke, chief executive officer and chief
portfolio manager (PMS) at Prabhudas Lilladher in Mumbai.
Global stocks remained within a tight range on Friday, less
than two weeks before the U.S. presidential election, with
traders looking for a breakthrough in stimulus talks in
"For the Nifty to go beyond 12,000, the earnings momentum
needs to become far stronger."
Investors were awaiting earnings reports from Nifty
components Nestle India Ltd and Tech Mahindra Ltd
Corporate results this week, dominated by consumer goods
firms, have been a mixed bag, although most expected a rise in
demand going forward.
Credit card company SBI Cards and Payment Services Ltd
closed down 5.2%, having tumbled as much as 10% to a
ten-week low, after reporting a lower profit and a sharp drop in
asset quality in the September quarter.
Consumer electricals maker Crompton Greaves Consumer
Electricals jumped 14.8% after a surge in
(Reporting by Chris Thomas and NR Sethuraman in Bengaluru;
Editing by Shailesh Kuber)