Indian shares bounce after five sessions of losses, investors eye Federal budget

BENGALURU, Jan 29 (Reuters) - Indian shares opened higher on Friday and are on course to end a five-session losing streak as investors eye results from a slew of blue-chip companies as well as the Federal budget on Monday.

The blue-chip NSE Nifty 50 index was up 0.88% at 13,938.50 by 0348 GMT while the benchmark S&P BSE Sensex added 0.83% to 47,262.87. However, both indexes are on course to clock their second week of losses.

Top private sector lender HDFC Bank rose 1.5% to be the top boost on the Nifty, helping the Nifty Bank index rise 0.9%.

Shares of automaker Tata Motors also rose 3.2% ahead of its quarterly results. The Nifty Auto gained 1.2%.

India’s Finance Minister Nirmala Sitharaman is expected to unveil plans to boost economic growth at the world’s second most populous country when she presents the Federal budget on Monday.

Investors also await growth projections for the upcoming financial year from the annual economic survey which will be presented later in the day. (Reporting by Philip George in Bengaluru; Editing by Krishna Chandra Eluri)