Sensex, Nifty open higher; set for weekly drop on aggressive rate-hike fears
India Today
Indian shares edged higher on Friday, although the benchmark indexes were headed for their first weekly loss in four on fears over aggressive rate hikes by central banks.
Indian shares edged higher on Friday, helped by gains in stocks of consumer goods companies, although the benchmark indexes were headed for their first weekly loss in four on fears over aggressive rate hikes by central banks.
The NSE Nifty 50 index was up 0.5% at 16,025, as of 0349 GMT, while the S&P BSE Sensex rose 0.49% to 53,680.13.
Both the indexes are down more than 1% this week and on track for their first weekly loss in four.
The fast-moving consumer goods index rose 1.1%, mainly buoyed by weaker key raw material prices including wheat and palm oil.
Shares of Adani Ports and Special Economic Zone rose as much as 1.9%, after the company won a port privatisation contract in Israel along with local chemicals and logistics group Gadot for $1.18 billion.
The rupee extended losses into a fifth straight session, hitting a fresh low against the dollar.
Meanwhile, Asian stocks hit a two-year low as a fresh slew of rate hikes around the world deepened concerns about the outlook for global economic growth.
