Indian shares surged higher for the second day in a row on Friday to close near five-month highs, even as caution bled into global markets on uncertainties over the U.S. fiscal and monetary policies.
The benchmark BSE Sensex climbed 167.48 points or 0.59 percent to 28,468.75, posting its fourth consecutive weekly gain. The broader CNX Nifty index ended up 43.70 points or 0.50 percent at 8,821.70.
HDFC Bank shares soared 3.5 percent as the RBI withdrew restrictions placed on purchase of bank shares by foreign portfolio investors immediately. Among other prominent gainers, Cipla, GAIL, ICICI Bank and Sun Pharma climbed 1-4 percent.
BHEL ended flat and Idea Cellular lost 1.8 percent after they have been excluded from the Nifty 50 index. Wipro, Hindalco and Infratel fell 1-4 percent.
Most Asian markets fell today as the yen strengthened, oil prices turned choppy and Samsung Group's Lee Jae-yong was formally arrested over his alleged role in a corruption scandal that led to the impeachment of South Korean President Park Geun-hye.
European stocks also moved lower in early trade, falling for the second day running after Wall Street's record-breaking rally stalled overnight.
by RTT Staff Writer
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