Indian equities scaled record highs on Friday after the central bank stayed pat on rates, while investors parsed Hungarian economic data that signalled easing domestic inflation ahead of a key U.S. jobs report.
India’s NSE Nifty 50 index .NSEI climbed 0.1% after the Reserve Bank of India left key rates at 6.5% and raised the country’s growth forecast to 7% from 6.5% for fiscal 2023-2024, following a robust performance in the July-September quarter.
“From being a part of fragile (5%) some time back to having GDP growth revised upwards to 7% when global growth has become fragile is the summary of the good work done by the RBI and the government in the most challenging times,” said Nilesh Shah, MD, Kotak Mahindra AMC.
On a weekly basis, Indian equities are on course for its longest weekly winning streak in three years.
More broadly, MSCI’s gauge for developing markets stocks .MSCIEF added 0.4%, while a basket of currencies .MIEM00000CUS edged up 0.2% against the dollar by 0927 GMT.
The equities index is set for a weekly loss of nearly 1%, snapping a five-week winning streak.
Among currencies, China’s yuan CNY= is on course for a weekly decline of 0.3% – its worst week since mid-September following a Moody’s downgrade earlier in the week.
Source: CNBC
