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Indian shares extend gains ahead of CPI data

Agencies . Bengaluru
13 May 2023 00:00:00 | Update: 12 May 2023 23:26:32
Indian shares extend gains ahead of CPI data

Indian shares reversed intraday losses and extended their winning streak for a third week in a row on Friday, aided by financials and auto stocks, ahead of domestic retail inflation data.

The Nifty 50 (.NSEI) closed 0.10% higher at 18,314.80, while the S&P BSE Sensex (.BSESN) rose 0.20% to 62,027.90. Both benchmarks logged weekly gains of more than 1%.

Seven of the 13 major sectoral indexes advanced, with the high weightage financials (.NIFTYFIN) rising over 0.5%, reported Reuters.

Auto (.NIFTYAUTO) climbed 0.77% on a nearly 6% rise in Eicher Motors Ltd (EICH.NS) after its fourth-quarter profit beat estimates.

The metal index (.NIFTYMET) lost over 1.8%, after data on U.S. jobless claims and producer prices signalled a potential slowdown in the world’s largest economy. Weak macro data from China, the world’s largest producer and consumer of metals, also added to the concerns.