BENGALURU, Dec 23 (Reuters): India's stock benchmarks advanced on Friday, paring weekly losses while ending their longest weekly winning streak in six years on profit booking at record high levels earlier in the week.
Both the NSE Nifty 50 and BSE Sensex lost about 0.5 per cent each this week, dragged by the fall in recent outperformers like financials and auto stocks.
The blue-chip indexes had gained 12.65 per cent and 12.07 per cent over the last seven weeks, aided by strong domestic macroeconomic data, a return of foreign inflows due to improving US rate outlook and moderation in oil prices.
"The rally in Indian markets will continue as the outlook remains positive, but the pace may moderate a bit," said Ajit Banerjee, chief investment officer at Shriram Life Insurance.
On the day, the blue-chip NSE Nifty climbed 0.44 per cent to 21,349.40, while the S&P BSE Sensex added 0.34 per cent to 71,106.96.
Information technology companies, reliant on US revenue, gained 2.27 per cent as gross domestic product (GDP) for the September quarter was revised down.
The data indicated a cooling of the US economy, heightening bets of a rate cut in the first half of 2024.
Metals advanced 1.71 per cent after a dip in the US dollar following the GDP data.
A decline in the US dollar is a beneficial for metals as it makes them less expensive for buyers using other currencies.
The domestically-focussed small- and mid-caps gained 1.08 per cent and 0.73 per cent, on the day, trimming weekly losses.
India's Nifty, Sensex snap longest weekly winning run in six years
FE Team | Published: December 23, 2023 22:15:53
India's Nifty, Sensex snap longest weekly winning run in six years
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