Indian shares end higher on boost from financials

  • Reuters
  • Stock Market News
Indian shares end higher on boost from financials
Credit: © Reuters.

BENGALURU, Nov 20 (Reuters) - Indian shares bounced back on Friday from a sharp fall in the previous session, taking their cue from an advance in global markets and driven by signs of a faster-than-expected recovery in business activity.

HDFC Bank HDBK.NS and a clutch of other financial stocks were the top boost to the NSE Nifty 50 index .NSEI , which closed 0.68% higher at 12,859.05 after a more than 1% drop on Thursday. The S&P BSE Sensex .BSESN ended 0.65% higher at 43,882.25.

The two benchmarks have gained more than 10% in November, the best month so far this year for inflows from foreign institutional investors, on the back of positive COVID-19 vaccine trial results and a better economic outlook than before.

Barclays (LON: BARC ) on Thursday lifted its fiscal 2022 growth forecast for the Indian economy to 8.5% from 7%, while Moody's projected a smaller contraction than earlier for fiscal 2021. including banking, autos, real estate and metals have seen much stronger gains than the early winners in the pandemic such as drugs or IT, suggesting investors are betting on a faster business recovery.

Among companies, Reliance Industries RELI.NS , shares in which have doubled since their March lows, fell 3.7% and extended its loss for the month to 7.5%.

Gland Pharma GLAD.NS shares rose as much as 23% in their market debut. stocks edged higher on Friday as hopes of economic recovery ahead helped offset the blow dealt by news that the U.S. Treasury was ending emergency loan programmes. MKTS/GLOB

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