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BENGALURU (Reuters) - Indian shares closed the week on a strong note on Friday, lifted by a sizzling rally in metal stocks on upbeat global commodity prices and gains in mortgage lender HDFC following better-than-expected quarterly results.
The NSE Nifty 50 index rose 0.67% to 14,823.15, while the benchmark S&P BSE Sensex advanced 0.52% to 49,206.47. The indexes closed the week 1.3% and 0.9% higher, respectively, registering their second straight week of gains.
Metal shares clocked their best week since early February with a 4.7% jump on Friday as iron ore futures vaulted on strong Chinese demand and copper prices hit a record high amid tight supply outlook in a global economic recovery.
Sensex, Nifty end stronger for 2nd straight session as metal stocks gain
Sensex, Nifty end stronger for 2nd straight session as metal stocks gain
The NSE Nifty 50 index rose 0.67% to 14,823.15, while the benchmark S&P BSE Sensex advanced 0.52% to 49,206.47.
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UPDATED: May 7, 2021 16:04 IST
Sensex and Nifty closed the week 1.3% and 0.9% higher, respectively, registering their second straight week of gains. (Photo: Reuters)
Indian shares closed the week on a strong note on Friday, lifted by a sizzling rally in metal stocks on upbeat global commodity prices and gains in mortgage lender HDFC following better-than-expected quarterly results.
The NSE Nifty 50 index rose 0.67% to 14,823.15, while the benchmark S&P BSE Sensex advanced 0.52% to 49,206.47. The indexes closed the week 1.3% and 0.9% higher, respectively, registering their second straight week of gains.
Indian shares mark second straight weekly gain as metal stocks, HDFC rally reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Indian rupee inches up to 20.1 versus UAE dirham
Photo: AFP
RBI s stimulus package strengthens currency amid Covid-19 crisis.
The Indian rupee opened slightly higher against the US dollar on Wednesday morning, as investors remained focused on the Reserve Bank of India (RBI) governor’s speech.
The rupee inched up five paise to 73.80 against the greenback (20.1 versus UAE dirham) in the early trade. On Tuesday, the rupee had settled at 73.85. The dollar index fell 0.09 per cent to 91.20.
Kshitij Purohit, Lead International Products & Commodities at CapitalVia Global Research, said the Indian central bank has been in the process of assessing the exact impact of the Covid-19 second wave.