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Indian shares head for longest winning streak since November

Indian shares head for longest winning streak since November

In : Business By storytimes About :-2 years ago

Indian shares rose for a seventh straight session on Friday, in what could be their longest winning streak since November 2017, on the back of gains in index heavyweights such as Reliance Industries Ltd and ICICI Bank Ltd.

Sentiment was also upbeat after retail inflation eased to a five-month low in March, but remained above the central bank's medium-term target, supporting views that monetary policy is likely to remain unchanged at the next review in early June.

“Ever since RBI (Reserve Bank of India) cuts its inflation trajectory, the equities have done well. And if this trend of falling inflation and reduction in bond yields continue, good signs await the equity markets,” said Vinod Nair, head of research at Geojit Financial Services.

Investors now await January-March corporate results for future direction.

“Excluding banks, expectations for March-quarter results are positive,” Nair added.

The broader NSE index was up 0.48 % at 10,508.75 as of 0541 GMT, while the benchmark BSE index was 0.5 % higher at 34,272.29.

The BSE index has gained 1.9 % so far this week, while NSE index has added 1.7 %.

Among gainers, Reliance Industries Ltd rose nearly 1 % on Friday and hit its highest since March 5. Infosys extended gains into a fourth session and hit a three-week high, while Adani Ports and Special Economic Zone Ltd jumped nearly 4 % and was the top %age gainer on both indexes.

The Nifty Bank index climbed for a second straight session, with both ICICI Bank Ltd and Kotak Mahindra Bank Ltd trading more than 1 % higher.

Metal stocks climbed with the Nifty metal index up for a third session in four. Hindalco Industries Ltd and Vedanta Ltd rose 2 % and 1.5 %, respectively. 

Indian shares head for longest winning streak since November