Sensex, Nifty End Modestly Higher Ahead Of Christmas Break

Indian shares eked out modest gains on Friday amid bets for an early rate cut by the U.S. Federal Reserve.

U.S bond yields and the dollar languished near a multi-month low, helping underpin investor sentiment.

A cautious undertone prevailed in financial markets as investors awaited the last key U.S. inflation reading before Christmas.

November’s personal consumption expenditure index is due later in the day, with analysts expecting a 0.2 percent increase month-on-month.

The Fed’s preferred inflation gauge, which will be released along with a report on personal income and spending might offer important clues to the path of future Federal Reserve policy.

On the Covid-19 front, India has recorded 594 fresh coronavirus infections while the number of active cases increased to 2,669 from 2,311.

The benchmark S&P BSE Sensex rose 241.86 points, or 0.34 percent, to 71,106.96 in the final trading session before the Christmas weekend.

The broader NSE Nifty index settled 94.35 points, or 0.44 percent, higher at 21,349.40.

Both Sensex and Nifty ended the week down about half a percent, snapping a seven-week gaining streak.

IT stocks topped the gainers list today, with Wipro surging 6.4 percent and HCL Technologies adding 2.6 percent.

Tata Motors, Hindalco and Bajaj Auto all rose over 2 percent while financials such as ICICI Bank, SBI, Bajaj Finance and HDFC Bank all fell around 1 percent.

Grasim led losses to close 1.8 percent lower at Rs. 2,047.50.

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