Indian Stocks Close Week Higher

Indian stocks closed higher on Friday, extending gains from the week as continued optimism over an approaching end to the US-Iran war offset losses from weak quarterly results. The S&P BSE Sensex gained 06% to 78,480 and the NSE Nifty 50 rose 0.7% to 24,360, with each gaining around 1% this week. US President Trump continued to signal that the war with Iran may end soon as both countries may continue negotiating this week. Such a move would trigger a bout of support for Indian assets, particularly for foreign investors, as restored oil supply would support domestic purchasing power, limit the risk of rate hikes by the Reserve Bank of India, and support the rupee as forex outflows would be capped. Fast moving consumer goods led the Friday session with Hindustan Unilever, Nestle India, and Reliance Industries adding more than 2%. On the other hand, Wipro fell 3% after posting a subdued outlook for this year. Also, HDFC Life fell 3.2% on a drop in new quarterly business.