Indian Shares End Off Day's Highs

(RTTNews) - Indian shares rose for a third straight session on Friday, even as markets ended off their day's highs due to profit booking at higher levels.

Underlying sentiment was underpinned by the recent fall in crude prices to near pre-conflict levels and reduced expectations that the U.S. Federal Reserve will raise interest rates in the coming months.

Overnight data showed U.S. jobs growth slowed sharply in June, and the two prior months' data were revised lower, raising expectations that the Fed will hold rates this month and potentially in September.

The June jobs report also challenged the narrative that the Fed may hike rates in the second half of this year.

The 30-share BSE Sensex closed up 261.79 points, or 0.34 percent, at 77,763.91 after having hit a high of 78,157 earlier in the day.

The NSE Nifty index hit an intraday high of 24,378 before giving up some gains to settle 95.15 points, or 0.39 percent, higher at 24,270.85.

The BSE mid-cap index slipped 0.3 while the small-cap index closed 0.1 percent higher.

The market breadth was strong on the BSE, with 2,263 shares rising while 1,978 shares fell and 200 shares closed unchanged.

IT stocks extended gains from the previous session, with HCL Technologies surging 5.8 percent and Tech Mahindra adding 1.8 percent.

Among other prominent gainers, UltraTech Cement, Bajaj FinServ, Sun Pharma and Bharti Airtel all rose around 2 percent.

PSU stocks fell, with SBI declining 1.1 percent after a weak business update by Union Bank of India.

Axis Bank lost 1.5 percent while Larsen &Toubro and Mahindra & Mahindra both fell around 1 percent.

Shares of power equipment companies such as Siemens Energy India, CG Power and Industrial Solutions, GE Vernova T&D India and Hitachi Energy India plummeted 7-9 percent after the Indian government reportedly allowed four Chinese power equipment manufacturers with factories in India to participate in government tenders for critical power projects.