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India: equities post end-of-week gains

Indian stock indices ended slightly higher on Friday, November 10 led by the banking sector that drew support from State Bank of India’s upbeat quarterly earnings.

However, the rally was capped by concerns over rising oil prices and their impact on the oil refining segment.

By the close, the Nifty 50 added 0.12% to 10,321.75, and the BSE Sensex advanced 0.19% to 33,314.56.

In the blue-chip universe, SBI, Larsen & Toubro and Hindustan Unilever outperformed the broader market, while the session’s outliers included Aurobindo Pharma, Tata Motors, Bosch and other names.

The USD/INR pair firmed 0.12% to 65.166. The 10-year Indian government bond yield narrowed 0.06% to 6.928%.

Larsen and Toubro surged 4% as the construction division won big contracts.

Pharmaceutical player Divi's Laboratories soared 5% on the back of positive news from the US FDA.

Just Dial shot up 13% on news that Google is interested in taking over the company.

The country’s largest lender State Bank of India spiked 6.1% after reporting net income compared to a net loss a year earlier.

From a technical standpoint, the BSE Sensex is forming a bullish flag, which is likely to be followed by another round of upside.