Indian Shares Close Week Higher

The BSE Sensex recovered from early losses and closed over 300 points higher at 60,275 on Friday, notching a 0.6% increase on the week with support from banks and raw-material stocks as investors digested a batch of inflation data and corporate results.

Indian retail prices rose by 5.7% annually, below market expectations to mark the second-straight month of inflation within the RBI’s upper limit of 6%.

The US CPI also slowed, extending hopes of eased monetary tightening and further supporting bond prices worldwide.

The closely watched tech sector rebounded from intra-day losses and closed in the green.

Infosys added 1.5% after releasing earnings in line with expectations, while HCL Technologies rose by a shyer 0.5% after delivering results.

Still, both firms echoed more pessimistic guidances from TCS earlier in the week as sales slow down in Europe.

In the meantime, Tata Steel shares jumped over 2%, tracking higher demand in major consumer China.