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Financial, IT stocks aid Indian shares snap three-month losing streak

Financial,

By Bharat Rajeshwaran BENGALURU (Reuters) – Indian shares rose on Friday, supported by a higher weighting of financial stocks and information technology (IT) stocks, as investors find valuations appealing following the recent correction and future rate hikes ahead of important economic data. to set the stage for

The ascent assisted the benchmark with snapping a three-month long string of failures.

 

Graphic: Nifty 50 ends three-month losing streak – https://www.reuters.com/graphics/NIFTY-MARCH/MARCH-NIFTY/lbpgjaywpq/chart.png The Nifty 50 index finished the trading day 1.63 percent higher at 17,359.75. To 58,991.52, the S&P BSE Sensex gained 1.78 percent. The day was the best for both indices since November 11.

All thirteen major sectoral indices went up. The IT and heavyweight financial indices both increased by nearly 2.5%.

There were gains for as many as 43 Nifty 50 constituents. After triggering a demerger of its financial services business, Reliance Industries Ltd., which has the largest market capitalization and weightage on the Nifty 50 index, saw its highest gain in ten months, a rise of over 4.3 percent.

Analysts claim that the most recent correction has made valuations more appealing. India was upgraded from “underweight” to “equal weight” by Morgan Stanley, citing the country’s economic resilience and favorable valuations.

After receiving orders from the Defense Ministry, defense-related stocks like Bharat Electronics Ltd., Bharat Dynamics Ltd., Cochin Shipyard Ltd., and Garden Reach Shipbuilders and Engineers Ltd. rose among individual stocks.

After the joint venture led by the company received an order worth 535.4 million rupees, Va Tech Wabag Ltd.’s shares rose nearly 5%.

Nestle India Ltd. gained more than 3% on reports that the company was one of the final bidders for India’s Capital Foods and an optimistic growth outlook from analysts.

Current account data and external debt are among the macroeconomic readings that investors are anticipating.

The Fed’s favorite inflation indicator, personal consumption expenditure (PCE) data for the United States, is also due later today.

Equinomics Research & Advisory’s founder and head of research, G Chokkalingam, stated, “We expect the global market to stabilize.”

“Institutions in both the United States and Europe have acted quickly to support the banking system through the turbulence that is currently occurring.”

($1 equals 82.1760 Indian Rupees) (Bharat Rajeshwaran reported in Bengaluru; Sonia Cheema, Dhanya N. Thoppil, and Nivedita Bhattacharjee edited)

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