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Indian Shares Pare Early Gains; IT Stocks Lead
(RTTNews) - Positive global cues helped Indian shares surge higher on Friday, but markets ended well off their highs following recent strong gains.
Investor sentiment was underpinned after both Fed Chair Jerome Powell and ECB chief Christine Lagarde confirmed an aggressive tightening path to fight inflation, as widely expected.
The benchmark S&P/BSE Sensex ended the session up 104.92 points, or 0.18 percent, at 59,793.14, after having hit a high of 60,119.80 earlier in the session.
The broader NSE Nifty index hit an intraday high of 17,925.95 before finishing at 17,833.35, up 34.60 points, or 0.19 percent, from its previous close.
HCL Technologies, IndusInd Bank, Infosys, Adani Ports and Tech Mahindra jumped 2-3 percent in the Nifty pack, while Grasim, HDFC Life, Mahindra & Mahindra, SBI Life and UltraTech Cement dropped 1-2 percent.
The rupee strengthened and logged its biggest weekly gain in seven, while oil extended gains from the previous session amid the latest threat from Russia to choke off oil and gas supplies if price caps are imposed.
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