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Indian Shares Post Second Straight Weekly Rise As Energy, Auto Climb

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Indian Shares Post Second Straight Weekly Rise As Energy, Auto Climb

(CTN News) –  As a result of rising energy and auto sectors and a decline in U.S. Treasury rates, Indian Shares equities saw their second consecutive weekly rise on Friday.

The S&P BSE Sensex (.BSESN) finished 0.34% higher at 59,959.85, while the NSE Nifty 50 index (.NSEI) increased by 0.28% to 17,786.80 at closure. The benchmark indices achieved a rise of more than 1% for the abbreviated week.

According to Vinod Nair, head of research at Geojit Financial Services, “the rising rupee together with a lowering treasury yield and strong Q2 profit figures are boosting the local market in the short term.”

On speculations that the U.S. Federal Reserve would switch to smaller-sized rate rises starting in December, the Indian rupee earned a weekly gain.

After statistics revealed that consumer and corporate spending in the United States slowed in the third quarter, pointing to a potential inflation peak that might enable the Fed to scale back its aggressive rate rises, the benchmark U.S. 10-year yield was at 4.01%, down 20 basis points so far this week.

Global stocks markets fell on Friday as expectations of a halt in Fed and ECB rate increases were offset by a near $1 trillion weekly wipeout in leading tech equities.

Nifty’s energy (.NIFTYENR) and car (.NIFTYAUTO) indices finished higher domestic trade by 1.39% and 1.63%, respectively. The metal index (.NIFTYMET), which had gained 2.7% the previous session, fell by 1.46%.

The benchmark indices saw the biggest boosts from prominent Indian automaker Maruti Suzuki (MRTI.NS) and conglomerate Reliance Industries (RELI.NS), which saw gains of almost 5% and 3%, respectively.

Due to record sales volume, Maruti Suzuki (MRTI.NS) exceeded expectations with a more than fourfold increase in quarterly profit.

Before its quarterly earnings release, Dr. Reddy’s Laboratories, a prominent pharmaceutical company (REDY.NS), closed 0.7% down.

$1 is equal to 82.3680 Indian rupees.

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