Indian shares set for sixth weekly gain, ONGC jumps

  • Reuters
  • Stock Market News
Indian shares set for sixth weekly gain, ONGC jumps
Credit: © Reuters.

BENGALURU, Dec 11 (Reuters) - Indian shares rose on Friday and were set for a sixth straight weekly gain as Oil and Natural Gas Corp surged on the back of higher crude prices, with sentiment also supported by optimism over COVID-19 vaccines.

The NSE Nifty 50 index .NSEI rose 0.48% to 13,543.6 by 0356 GMT, while the benchmark S&P BSE Sensex .BSESN was up 0.46% at a record high of 46,171.47. Both the indexes were set to finish the week more than 2% higher.

ONGC ONGC.NS climbed 8.4% to its highest since Feb. 25 after Brent rose above $50 for the first time since March, as coronavirus vaccination rollouts kept hopes alive that demand for crude would build up next year. O/R

The Nifty Auto Index .NIFTYAUTO was up 0.25% ahead of the release of November auto sales numbers by an industry body, due at around 0430 GMT.

Agrochemical firm UPL Ltd UPLL.NS , which slid 11% on Thursday after a report that its promoters siphoned off money, gained 4% on Friday. UPL has denied the report. shares traded higher after a panel of outside advisers to the U.S. Food and Drug Administration on Thursday voted overwhelmingly to endorse emergency use of Pfizer (NYSE: PFE )'s coronavirus vaccine, with investors also watching U.S. fiscal stimulus talks and Brexit negotiations. MKTS/GLOB

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