By Bharath Rajeswaran
BENGALURU (Reuters) -Indian shares rose on Friday, aided by financials and tracking a rebound in U.S. equities, although fears of aggressive interest rate hikes by global central banks persisted.
The Nifty 50 index rose 0.25% to 17,557.05, while the S&P BSE Sensex edged 0.30% higher to 59,782.69 as of 9:38 a.m. IST.
Ten of the 13 sectoral indexes advanced with the high-weightage financials rising over 0.3%.
Media extended its fall, losing 0.7%, dragged by index heavyweight Zee Entertainment. Shares of the company tumbled nearly 4% on insolvency issues and the National Stock Exchange’s ban on derivatives trading, effective April 28.
Wall Street equities ended in positive territory overnight, with the S&P 500 snapping a four-session losing streak, even as economic data demonstrated the strength of the U.S. economy and heightened chances of the Federal Reserve continuing with its tight monetary policy stance.
Weekly jobless claims in the U.S. unexpectedly fell last week, according to official data on Thursday, reflecting the tight labour market in the world’s largest economy.
Among individual stocks, Sanofi India rose more than 4% after reporting a rise in net profit in the December quarter.
Olectra Green jumped more than 10% after the company said it developed a hydrogen bus to ply on Indian roads in a technical partnership with Reliance Industries.
Indian shares fell for the fifth session in a row on Thursday, with the benchmark Nifty 50 losing nearly 2.5% this week so far, on track for the worst week in three months.
($1 = 82.5900 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; editing by Eileen Soreng and Janane Venkatraman)
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