(MENAFN- Khaleej Times) Indian automakers and consumer companies advanced after the government said state-run banks will increase lending to the industries. The nations benchmark stock index rose, extending a weekly gain.
TVS Motor Co, a motorcycle maker, jumped 8.5 per cent. Tata Motors Ltd, the nations biggest automaker, rose 1.2 per cent to a record after Deutsche Bank AG upgraded the stock. Blue Star Ltd, which manufactures air conditioners and water coolers, gained 2.4 per cent, the most since September 10. Drugmaker Dr Reddys Laboratories Ltd dropped 2.4 per cent, the biggest decliner on the S&P BSE Sensex index.
The Sensex added less than 0.1 per cent to 19,915.95 at the close in Mumbai, extending this weeks gain to one per cent. The gauge changed directions at least 15 times. Increased lending in the auto and consumer durables industries will help boost demand, the government said in a statement after exchanges closed on Thursday. Asian equities fell amid a budget impasse in the US, the worlds largest economy.
"Auto and consumer durable companies are moving up on the governments measure to boost demand," said Alex Mathews, the head of research at Geojit BNP Paribas Financial Services Ltd in Kochi.
Rupee near 2-month high
The Indian rupee rose to a near two-month high on Friday, ending the week with 1.8 per cent gains, as the dollar struggled against global currencies due to the continued political impasse that has shut down the US government.
The partially convertible rupee closed at 61.43/44 per dollar compared with 61.735/745 on Thursday, a third day of rise and a fourth week of gains out of five. It rose to 61.25 in the session, its best level since August 13.
Earlier in the session, stop-losses were triggered after the rupee hit 61.64, which marked the highest since the Federal Reserves surprise decision
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