Indian shares rise, end longest weekly losing streak in 25 years

Business Recorder reported that Indian equities closed higher on Friday, ending a weekly losing run that was the longest in 25 years, although the advance was limited by worries over tighter monetary policy and high crude prices. The Nifty 50 gained 1.3%, ending at 22,520.45, while the Sensex advanced 1.23% to 72,472.33, with information technology stocks leading after Tata Consultancy Services reported quarterly results that highlighted rising AI-related revenue and solid overseas growth.

For the week, the Nifty 50 finished 0.4% higher and the Sensex 0.8% up, though both had lost 8.7% and 8.4% over the previous eight weeks. Financial stocks added 1.7% for the week, helped by upbeat quarterly updates and the Reserve Bank of India's choice not to pull liquidity following the 25-basis-point increase. IT shares edged up 1% as investors looked past a Washington move affecting some IT firms' access to PERM, the labour certification route for permanent residency.

Dharmesh Kant of Cholamandalam Securities said Accenture and TCS results suggested the worst had passed for IT earnings, creating room for bargain buying after the sector's two-year slide. Brent futures climbed 0.7% to $103 a barrel amid Gulf shipping attacks, and as a major crude importer, India faces higher price risks for inflation and growth. Trent jumped 13.1% to lead Nifty 50 gainers after strong quarterly sales, while Adani Enterprises fell 6.5% on concerns GQG Partners could reduce its holding.