Nifty, Sensex headed for weekly gain as Mideast tensions ease

Reuters Bengaluru, Karnataka, India Jan 10, 2020, 12.59 PM(IST)

Representative Image. Photograph:( Reuters )

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The NSE Nifty 50 index inched up 0.16 per cent to 12,234.25 by 0413 GMT, while the benchmark S&P BSE Sensex was 0.14 per cent higher at 41,511.58. 

Indian shares rose on Friday, tracking global markets, as US-Iran tensions abated and investors looked for domestic cues ahead of corporate earnings.

The NSE Nifty 50 index inched up 0.16 per cent to 12,234.25 by 0413 GMT, while the benchmark S&P BSE Sensex was 0.14 per cent higher at 41,511.58. The Nifty 50 and Sensex are headed for a weekly gain of around 0.5 per cent each.

Meanwhile, easing oil prices came as a relief for investors in India, the world's third-biggest oil consumer. Brent crude was headed for its first decline in six weeks. 

"There were some panic and fears from the global market which is fading out domestic cues are also not that negative, in fact, they are improving," said Shrikant Chouhan, technical analyst at Kotak Securities.

MSCI's broadest gauge of the world's stocks in 49 countries rose a tad to hit an all-time high and its index of Asia-Pacific shares outside Japan rose 0.18 per cent. 

In India, IT heavyweight Infosys Ltd rose 1.44 per cent ahead of its third-quarter earnings due later in the day.

Shares of Indian private sector lender Yes Bank Ltd rose 1.37 per cent ahead of a board meeting on Friday to discuss a capital raise as it looks to stave off the impact of bad loans.

Airline stocks Interglobe Aviation Ltd and SpiceJet Ltd reacted positively to lower oil prices, rising 1.68 per cent and 0.94 per cent respectively.

Bharti Infratel Ltd and Dr Reddy's Laboratories Ltd were among the top gainers on the Nifty, rising 2.13 per cent and 2.06 per cent each.