Indian stocks rose 1% on Friday, driven by profits in information technology stocks, as investors’ sentiments around the world improved due to strong perceptions of retail prices in the United States and declining concerns about the sharp rise in rates. The NSE Nifty 50 index rose 0.98% to 16,329.35, while the S&P BSE Sensex gained 0.99% to 54,791.78. Both indicators were trading at 0.7%, up from 0440 GMT, and set for a second straight weekly profit.
Most of Nifty’s major sub-indexes came up on Friday, led by a 2.85% increase in IT shares. Favorite technology stocks have recently come under pressure, with Nifty’s index lowering by almost 10% so far in May and planning its eighth consecutive weekly fall. Technical shares led to a post-epidemic meeting in India, as well as a collapse, said Harendra Kumar, executive director of Elara Securities.
“Technical support comes in after some repairs and that’s one of the things to play with,” he said. Rising inflation, purchasing power problems and the collision of the Ukrainian war will put an end to India’s growing IT services industry, which has been embroiled in a period of violence, JPMorgan analysts had warned earlier this month.
At the same time, Asian stocks have expanded world gains overnight, with MSCI’s broader index of Asia-Pacific shares outside Japan increasing by 1.5% in early trading after strong results from regional technology firms.
In India, producer of aluminum and copper Hindalco Industries has risen sharply by 4.7% and was among the top earners in the Nifty 50 index after its March quarter gain after double taxation since last year. Bank shares also developed and supported Nifty 50. Bajaj Finserv and Bajaj Finance were the two leading beneficiaries, rising more than 3% each.Of the few losers, non-bank finance company Moothoot Finance declined 9.7% after falling profits in March.
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