BENGALURU, April 1 (Reuters) - Indian shares inched higher on Friday for a fourth session in five, bucking a downtrend in broader Asia as heavyweight financials and power company stocks advanced.

The NSE Nifty 50 index was up 0.43% at 17,540.45, as of 0505 GMT, while the S&P BSE Sensex rose 0.42% to 58,812.09. Both indexes were set to post weekly gains of about 2% each.

Asian peers were trading lower with investors worried about the impact of the Russian-Ukrainian war and rising risks of recession.

"With U.S. bond yields where they are, one would expect the Indian market to be more subdued. It looks like investors are taking headwinds in stride with a risk-on trade still on," said Mayuresh Joshi, head of equity research at William O'Neil & Co in India.

In the financial year ended March 31, the Nifty and the Sensex rose more than 18% each, even as a spike in crude prices kept the final quarter subdued.

"We will likely see the hit from inflation to earnings reports going forward and that is going to be a driver for markets."

Power producer NTPC led the gains in the Nifty with a 5% jump, while power transmission firm Power Grid Corp climbed 3.6%. The Nifty Energy index rose 1.6% and was set for a record close.

Hero MotoCorp slumped 6.3%. Investors were awaiting March sales data from automakers on Friday.

The Nifty Bank index climbed 1.1%. Bandhan Bank jumped 3.6%, while IDFC First Bank climbed 5%.

HDFC Asset Management advanced 4% after insurer LIC increased its stake in the company. (Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu)