By Bharath Rajeswaran and Vivek Kumar M
(Reuters) -Indian benchmarks rose on Friday to log their longest weekly winning streak of the year, led by index heavyweight Reliance Industries, while steady foreign inflows and renewed optimism over a potential India-U.S. trade deal supported sentiment.
The Nifty 50 closed 0.05% higher at 24,346.7 and the BSE Sensex gained 0.32% to 80,501.99. Both benchmarks rose about 1% earlier in the session before paring gains.
The Nifty rose 1.3% this week while the Sensex added 1.6%, marking their third straight weekly gain.
Signals of progress on a bilateral trade agreement between India and the U.S. buoyed market sentiment, with President Donald Trump hinting at potential trade deals with India, South Korea and Japan.
Foreign portfolio investment stayed consistent, reinforcing the optimism. Overseas investors bought Indian equities for 11 straight sessions through Wednesday — the longest such streak in two years. They turned net buyers in April after three months of outflows.
“The perception that India will be a relative beneficiary under tariff regimes, rising expectations of a trade deal with the U.S. and strong earnings from companies like Reliance and major banks are keeping investors engaged,” said Aishvarya Dadheech, chief investment officer of Fident Asset Management.
Reliance Industries surged 9.4% this week, its best weekly performance in nearly five years, after it posted strong quarterly results on April 25.
Analysts expect continued momentum for the conglomerate in the fiscal 2026 from growth in its retail segment, the potential Jio listing and improving oil-to-chemicals margins.
Eleven of the 13 major sectors advanced this week. The broader small-caps lost 0.6% while mid-caps inched 0.3% higher.
JSW Steel tumbled 5.5% on the day. India’s top court rejected the steel maker’s resolution plan to acquire Bhushan Power and Steel four years after the takeover was completed, two lawyers involved in the case said.
(Reporting by Bharath Rajeswaran and Vivek Kumar M in Bengaluru; Editing by Mrigank Dhaniwala, Janane Venkatraman and Sonia Cheema)
