Nifty, Sensex close higher, banking stocks shine
Indian shares ended firmer on Friday, with banking stocks leading gains, as investors assessed a raft of corporate earnings and awaited the release of the federal budget next week.
The NSE Nifty 50 Index ended 0.56 per centhigher at 12,248.25, while the S&P BSESensexclosed down 0.55per centat 41,613.19.
However, poorly received financial results from a few index heavyweights dragged the Nifty 0.84per centlower this week, while analysts also expected markets to remain volatile until the federal budget on February1, which could include government measures to revive economic growth.
Ultratech Cement Ltd, a Nifty component, gained 2.6per centafter reporting on Friday an increase in its profit for the quarter ended December.
The Nifty banking index ended 0.77per centfirmer, with Kotak Mahindra Bank closing 2.3per centhigher. Private-sector lender Yes Bank was the top gainer in the index with a 4.5per centjump. Yes Bank stock, which rose for the third consecutive session, dropped 9per centso far this year.