BENGALURU, Sept 25 (Reuters) - Indian shares on Friday
snapped their longest losing streak since February, boosted by
financial and IT stocks, after a media report suggesting more
domestic fiscal stimulus was on the way lifted sentiment.
The broader NSE Nifty 50 index rose 2.3% to
11,050.25 and the S&P BSE Sensex climbed 2.3% to
37,388.66, after falling for six straight sessions.
The Indian government was set to announce a stimulus package
ahead of the festive season, aimed at creating jobs and pushing
demand to lift the battered economy, a Moneycontrol report said.
Both Indian indexes, however, were down nearly 4% in their
worst week since early-May, on worries over the impact of
surging cases of the novel coronavirus on the global economic
"We may see little bounces ... Fundamentals are as weak as
they were three months back," said Umesh Mehta, head of research
at Samco Securities, Mumbai.
The Nifty IT sub-index climbed 3.5%, while the
Nifty Bank index gained 2.6%.
The positive investor sentiment was also underpinned by a
recovery in global shares on hopes of economic stimulus from the
Shares of Granules India Ltd rose as much as 9.5%
after a report said KKR, Bain Capital, Blackstone were in the
race for a majority stake in the pharma company.
Shares of Vodafone Idea rose as much as 14.8%,
after Reuters reported that the telecom operator's British
parent, Vodafone Group Plc won an international
arbitration case against Indian government.
India's Cipla rose 5.1% after it got a final
approval from the U.S. FDA for a generic version of Biogen
IDEC's multiple sclerosis drug Tecfidera.
(Reporting by Nallur Sethuraman in Bengaluru;
Editing by Vinay Dwivedi)