India's benchmark stock indices opened higher and steadily advanced on Friday, snapping five weeks of losses.
The S&P BSE Sensex closed 556 points higher, or 0.86%, at 65,387.16, while the NSE Nifty 50 ended 182 points higher, or 0.94%, at 19,435.30.
During the day, the Sensex jumped 0.99%, the most since July 13, and the Nifty rose 1.06%, the most since June 30. Metals, energy, automotive, and banking sectors rose in trade, while healthcare and pharmaceutical shares were under pressure.
European stocks and American equity-index futures edged higher. Energy majors were among the gainers in the Stoxx Europe 600 index as crude oil headed for the biggest weekly advance since April. Miners outperformed as China's latest stimulus measures boosted the prices of some industrial metals.
Mainland China shares traded higher, and metals looked set to extend this week's advances. Hong Kong's market is shut during what may be the strongest storm to hit the city in at least five years.
Japan's Topix index posted its eighth consecutive month of increase in August—the longest winning streak since 2013—and the gauge was now set for the best weekly advance since October.
ICICI Bank Ltd., NTPC Ltd., Axis Bank Ltd., Maruti Suzuki India Ltd., and Bajaj Finance Ltd. were positively adding to the changes in the Nifty.
Cipla Ltd., UltraTech Cement Ltd., HDFC Life Insurance Co., Dr Reddy's Laboratories Ltd., and Sun Pharmaceutical Industries Ltd. were negatively contributing to the change.
The broader market indices ended higher. The S&P BSE Midcap was up 0.75%, while the S&P BSE Smallcap was also 0.75% higher.
Nineteen out of the 20 sectors compiled by BSE Ltd. advanced, while S&P BSE Healthcare declined. The S&P BSE Utilities, S&P BSE Metal, and S&P BSE Telecommunication rose the most.
The market breadth was skewed in favour of buyers. About 2,177 stocks rose, 1,487 declined, and 122 remained unchanged on the BSE.
On a weekly basis, the headline indices snapped five weeks of fall. The Sensex rose 0.77% and the Nifty was higher by 0.88% this week.
Last week, the indices declined for the fifth time in a row, the longest streak of weekly losses since April 2022.
Only the Nifty Pharma and Nifty FMCG sectors declined this week. Nifty Realty and Nifty Metal were the top gainers.
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