Indian shares post weekly gains on Fed pause hopes

Reuters

Indian shares post weekly gains on Fed pause hopes

2023 6월 2 일, 오전 10:41 GMT

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Updates with closing levels

BENGALURU, June 2 (Reuters) -Indian shares closed higher on Friday, driven by a jump in Hero MotoCorp Ltd HROM.NS, following strong monthly sales, while signs that the U.S. Federal Reserve could pause its interest rate hiking cycle underpinned investor sentiment.

The blue-chip Nifty 50 .NSEI ended 0.25% higher at 18,534.1, while the benchmark S&P BSE Sensex .BSESN advanced 0.19% to 62,547.11. For the week, both indexes closed slightly higher.

The Nifty is off just about 2% from all-time highs hit in December and has outperformed MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS so far this year.

The Nifty Midcap 100 .NIFMDCP100 and the Nifty Smallcap 100 .NIFSMCP100 also ended 0.5% higher each and marked their tenth straight week of gains.

Easing inflation at home, stronger-than-expected economic growth data, and fast-paced expansion of India's factory output have improved investor confidence, analysts said.

Market pricing indicates roughly a 75% chance that the Fed will hold rates steady at its upcoming meeting, according to the CME's Fedwatch tool, while the approval of U.S. debt ceiling legislation also boosted appetite for risky assets. MKTS/GLOB

Two-wheeler maker Hero MotoCorp rose 3.3% after it reported strong domestic sales in May.

Metals producer Hindalco Industries Ltd HALC.NS climbed as much as 3.5% after its U.S. unit entered a deal with Coca-Cola, while food delivery firm Zomato Ltd ZOMT.NS surged 4.7% on block deals.

Apollo Hospitals Enterprise Ltd APLH.NS jumped 3.2% after a report that the company was planning to raise around $200 million in equity this fiscal year by selling a stake in its digital arm.

IT major Infosys Ltd INFY.NS was the biggest laggard on the Nifty 50, declining 1.6%.

Reporting by Chris Thomas in Bengaluru; Editing by Janane Venkatraman and Sonia Cheema

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