Indian shares pared gains on Friday mirroring financials, while a slide in metal stocks and fears of aggressive interest rate hikes by global central banks weighed on sentiment.
edged 0.04% higher to 59,632.17 as of 11:11 a.m. IST. Both the benchmarks traded between 0.6% gains and 0.1% losses.which fell 0.05%. Nine of the 13 sectoral indexes advanced."Metals are under pressure due to a rise in the dollar index as commodities have an inverse proportionality to dollar," said Astha Jain, senior research analyst at Hem Securities.
The dollar index, which measures the safe-haven greenback against six peers, hovered near a two-month high of 104.78. Wall Street equities ended in positive territory overnight, with the S&P 500 snapping a four-session losing streak, even as weekly jobs underscored the strength of the U.S. economy and heightened chances of the Federal Reserve continuing with its tight monetary policy stance.
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