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Benchmark indices edged higher on Friday, helped by gains in stocks of consumer goods companies, although the they were headed for their first weekly loss in four on fears over aggressive rate hikes by central banks.
The NSE Nifty 50 was up 0.5 per cent at 16,025, while the S&P BSE Sensex rose 0.49 per cent to 53,680.13 in early trade
Both the indexes are down more than one per cent this week and on track for their first weekly loss in four.
The fast-moving consumer goods index rose 1.1 per cent, mainly buoyed by weaker key raw material prices including wheat and palm oil.
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Shares of Adani Ports and Special Economic Zone rose as much as 1.9 per cent, after the company won a port privatisation contract in Israel along with local chemicals and logistics group Gadot for $1.18 billion.
The rupee extended losses into a fifth straight session, hitting a fresh low against the dollar.
Meanwhile, Asian stocks hit a two-year low as a fresh slew of rate hikes around the world deepened concerns about the outlook for global economic growth.
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