BENGALURU, Aug 27 (Reuters) - Indian shares closed at a record high on Friday, as metal and infrastructure stocks rose ahead of Federal Reserve Chair Jerome Powells speech due later in the day.
The blue-chip NSE Nifty 50 index (.NSEI), which hit an all-time high during the session, closed 0.41% higher at 16,705.20, while the benchmark S&P BSE Sensex (.BSESN) ended up 0.31% at 56,124.72 points.
Both indexes are on track to clock their fourth consecutive monthly gain in a market flush with liquidity, as the country ramps up its COVID-19 immunization program.
Global shares held steady near record highs as investors caught their breath ahead of a much-anticipated speech by the U.S. Fed chief that could give clues about when the central bank will start tapering its bond-buying programme.
In Mumbai trading, the rate-sensitive Nifty Bank index (.NSEBANK) ended up 0.03% after falling as much as 0.73%, as the market hoped for a definite sense of direction from the long-awaited Fed speech.
The Nifty Metals index (.NIFTYMET) recorded its first weekly gain in three, closing 1.63% higher, helped by strong gains in aluminium producers.
Shares of engineering and construction company Larsen & Toubro Ltd (LART.NS) jumped as much as 4.4% to 1,666.70 rupees after brokerage Motilal Oswal raised its target price on the stock to 1,950 rupees.
The Nifty Pharma index (.NIPHARM) snapped its two-day losing streak to close 1.38% higher.
A deadly attack in Afghanistan on Thursday, which killed scores of civilians and at least 13 U.S. troops, also weighed on global sentiment.
Reporting by Shivani Singh in Bengaluru; editing by Uttaresh.V and Vinay Dwivedi
Our Standards: The Thomson Reuters Trust Principles.
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