Indian shares snap losing streak; all eyes on finmin's press meet

Credit: REUTERS/FRANCIS MASCARENHAS

Indian shares rebounded to end higher on Friday, after three sessions of declines, as investors awaited an official announcement later in the day amid expectations of a fiscal stimulus to revive growth in Asia's third-largest economy.

NSE settles 0.82% up, BSE closes 0.63% higher

The Nifty Media index gains most

Forty-one stocks in the Nifty 50 index end in the green

BENGALURU, Aug 23 (Reuters) - Indian shares rebounded to end higher on Friday, after three sessions of declines, as investors awaited an official announcement later in the day amid expectations of a fiscal stimulus to revive growth in Asia's third-largest economy.

The broader NSE index .NSEI closed up 0.82% at 10,829.35, while the benchmark BSE index .BSESN ended 0.63% higher at 36,701.16.

The NSE index closed 1.98% lower for the week, as trading was dominated by global economic slowdown worries as well as investor concerns about India's fiscal stimulus.

Markets had a volatile session on Friday as investors parsed through a series of headlines relating to a possible economic stimulus, but turned higher after news that Finance Minister Nirmala Sitharaman would hold a press conference at 1130 GMT later in the day.

The Nifty Media index .NIFTYMED rose 4.4%, gaining the most among the 14 sectoral indexes.

Shares of miner Vedanta Ltd VDAN.NS were among the top gainers in the index, settling up 5.7% for the day. Index heavyweight Reliance Industries Ltd RELI.NS closed 2.35% higher.

Only nine of 50 scrips in the NSE index finished the day in the red.

(Reporting by Sachin Ravikumar and Chandini Monnappa in Bengaluru, Editing by Sherry Jacob-Phillips)

((saisachin.r@tr.com; +91 80 6749 7649; Twitter: @sachinr27;))

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