Indian shares ended higher on Friday led by automobiles and financial stocks, and recorded their first weekly gain since mid-July, after Reuters reported New Delhi was re-thinking the tax surcharge on foreign portfolio investors (FPIs).
The broader NSE Nifty ended 0.7% higher at 11,109.6, while the benchmark BSE Sensex closed up 0.68% at about 37,582. For the week, the NSE Nifty was up one per cent, while the BSE Sensex rose 1.25%, their first positive weekly closes since 12 July.
India may exempt FPIs from the controversial tax on high incomes, as finance minister Nirmala Sitharaman faces pressure to roll back the measures introduced last month, persons in the know told Reuters.
The Nifty automobile index ended 1.99% higher and the financials index was up 1.54% at the closing bell.
Indiabulls Housing Finance Ltd closed up 14.8%.
