Sensex, Nifty End Modestly Higher Despite Weak Global Cues

(RTTNews) - Indian shares recovered from a weak opening to end slightly higher on Friday.

The benchmark S&P BSE Sensex rose 253.31 points, or 0.34 percent, to 73,917.03 despite tepid cues from global markets.

The broader NSE Nifty index closed at 22,466.10, up 62.25 points, or 0.28 percent from its previous close.

Mahindra & Mahindra shares surged 5.8 percent after the automaker posted better-than-expected Q4 results.

BPCL, JSW Steel, UltraTech Cement and Grasim all rose about 2 percent while Britannia Industries, HCL Technologies, SBI Life, TCS and Cipla dropped 1-2 percent.

Cues from global markets were sluggish after three Federal Reserve officials said the U.S. central bank should keep borrowing costs high for longer.

China reported mixed economic data, but the announcement of new stimulus measures to support the country's property sector brought some relief to investors worried about economic recovery.

On the geopolitical front, Israel today defended its Gaza offensive at the International Court of Justice, responding to South Africa's request for judges to mandate a halt to operations in Rafah and a full withdrawal from Palestinian territory.

As the war in Gaza dragged on, the U.S. House of Representatives voted in favor of a bill aimed at forcing President Joe Biden to resume arms deliveries to Israel.

The dollar steadied in European trade but was on track for a sharp weekly loss. Gold ticked higher and was on track for a second weekly gain. Oil prices traded flat, giving up early gains after the release of Chinese industrial output, retail sales and fixed asset investment data.