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BENGALURU, Oct 22 (Reuters) - Indian shares rebounded from three straight sessions of losses to rise on Friday, as bank and auto stocks gained, while investors were focused on a slew of earnings, including that of energy-to-telecom giant Reliance Industries later today.
The blue-chip NSE Nifty 50 index was up 0.53% at 18,273.55 by 0455 GMT, and the benchmark S&P BSE Sensex rose 0.65% to 61,317.55.
The two indexes, however, were on track to post their first weekly loss in three, as the market traded at high valuations and on worries over rising commodity inflation.
Friday’s movement was also a “relief rebound” after the market’s recent declines, said Ajit Mishra, VP, Research at Religare Broking.
“The latest earnings results so far have been a mixed bag... inflation remains a concern for many companies”, he added.
Banking shares drove gains on the Nifty 50, with Housing Development Finance Corp rising 2.8% to lead gains on the blue-chip index.
Real estate stocks jumped 3% to be the best performing sector on the blue-chip index, with Indiabulls Real Estate rising 4.4%.
Declining fears about a possible third COVID-19 wave as the country’s vaccination program chugged on was helping both banking and real estate shares, with the latter also seeing a boom in demand, Mishra added.
Auto stocks also advanced, driven by TVS Motor Co jumping nearly 10% to over 3-month highs as it posted a rise in quarterly profit on Thursday.
Investors now await earnings results from the likes of PVR and Yes Bank, as well as from index heavyweight Reliance Industries.
Shares in broader Asia advanced, boosted by gains among tech stocks and as debt-laden China Evergrande made an interest payment to keep from falling into formal default.
Reporting by Soumyajit Saha in Bengaluru; Editing by Krishna Chandra Eluri
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Indian shares advance on bank, auto gains; investors await Reliance earnings - Reuters
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