IT powers Indian shares to first weekly gain in three as US recession fears wane
India's Nifty 50, Sensex post best session in three weeks
IT tops daily, weekly sectoral gains
All 13 major sectors gain, on the day
Ola Electric jumps 75% over issue price since market debut
Updates to close
By Bharath Rajeswaran and Hritam Mukherjee
BENGALURU, Aug 16 (Reuters) -Indian shares snapped a two-week losing streak on Friday led by information technology stocks, after firm U.S. economic data allayed fears of a recession in the world's largest economy, boosting risk appetite globally.
The NSE Nifty 50 index .NSEI ended 1.65% higher at 24,541.15 and posted 0.7% weekly gain.
The S&P BSE Sensex .BSESN added 1.68% to 80,436.84 and was 0.9%higher for the week.
The Nifty posted its best session since July 26, while Sensex logged biggest single-day gain in over two months.
"Valuation concerns and U.S. recession fears are not new to Indian markets, which are likely to demonstrate resilience on strong domestic inflows and easing U.S. growth worries," said Santosh Pandey, president and head of Nuvama Professional Clients Group (PCG).
All the 13 major sectors logged gains on Friday, with theIT index .NIFTYIT advancing 2.89%.
IT was the top weekly gainer among the sub-sectoral indexes, with Tata Consultancy Services TCS.NS, Infosys INFY.NS and Wipro WIPR.NS among the leading weekly gainers on the Nifty 50. Indian IT companies earn a significant share of their revenue from the United States.
Recent U.S. economic data, including a benign consumer price inflation reading on Wednesday, strong retail sales print and low weekly jobless claims on Thursday, have alleviated fearsof a recession and reaffirmed bets for imminent interest rate cuts, but likely at a measured pace.
The MSCI Asia ex-Japan index .MIAPJ0000PUS climbed 1.8% on the day. MKTS/GLOB
The broader small- .NIFSMCP100 and mid-caps .NIFMDCP100 rose about 2% each.
Among individual stocks, automaker Mahindra& Mahindra MAHM.NS rose about 3.5% after launching a five-door variant of its 'Thar' model.
Aluminium maker Hindalco Industries HALC.NS gained 2% after Macquarie said it expects anegligible impact on the companyfrom a Supreme Court judgement allowing states to levy past tax and royalty dues on mined minerals.
Newly-listed Ola Electric OLAE.NS surged 20% after the company launched new motorcycle models. The stock jumped 75% over its issue price in just five sessions since its market debut.
Weekly performance of India's key stock indexes https://reut.rs/3M9OwHW
Weekly performance of India's Nifty 50 stocks https://reut.rs/3YLrjmC
India's Nifty 50 snaps two-week losing streak led by IT https://reut.rs/3WQTvlo
Reporting by Bharath Rajeswaran and Hritam Mukherjee in Bengaluru; Editing by Rashmi Aich, Mrigank Dhaniwala, Sonia Cheema and Eileen Soreng
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