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Sensex, Nifty End Higher Ahead Of GDP Data
(RTTNews) - Indian shares eked out modest gains on Friday despite weak cues from global markets. Global sentiment was fragile amid fears of an escalation of the Israel-Hamas war into a broader regional conflict.
Investors also awaited key inflation data from the euro area and the U.S. non-farm payrolls report later in the day for important clues as to whether the European Central Bank and the Federal Reserve would cut interest rates this year.
Closer home, optimism over the Indian economy offered some support after a survey showed India's service sector expanded at an accelerated pace in December.
The services purchasing managers' index rose to 59.0 in December from 56.9 in November as demand buoyancy flourished sales and business activity.
Investors pinned hopes that the government will report higher GDP growth estimates for 2023-24.
The benchmark S&P BSE Sensex ended the session up 178.58 points, or 0.25 percent, at 72,026.15 ahead of the first advance GDP estimates due later in the day.
The broader NSE Nifty index rose 52.20 points, or 0.24 percent, to 21,710.80, with financials and IT stocks leading the surge.
LTIMindTree, SBI Life, TCS, Larsen & Toubro and Adani Ports jumped 1-3 percent in the Nifty pack while Divis Laboratories, Kotak Mahindra Bank, JSW Steel, Nestle India and Britannia Industries fell 1-2 percent.
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