BENGALURU, May 27 Reuters Indian shares settled over 1 higher on Friday, led by gains in information technology stocks, as strong U.S. retail earnings outlook and waning concerns about overly aggressive interest rate hikes by central banks lifted sentiment globally.

The NSE Nifty 50 index settled up 1.13 at 6,352.45 and posted a 0.6 gain for the week, while the SP BSE Sensex closed 1.17 higher at 54,884.66 and added 1.1 this week.

Most major Nifty subindexes also ended higher, buoyed by a 2.54 rise in IT stocks. Pandemicfavourite technology stocks have recently come under pressure, with the Nifty subindex falling nearly 10 so far in May, in its eighth straight weekly loss.

Soaring inflation, supplychain issues and the hit from the Ukraine war will bring an end to the growth boom India39;s IT services industry enjoyed during the pandemic, J.P.Morgan analysts had warned earlier this month. 

Technology stocks led the postpandemic rally in India, as well as the fall, said Harendra Kumar, managing director at Elara Securities.

Technical support comes in after some correction and that39;s one factor at play, he said.

Global stocks rose, with the MSCI world equities index gaining 0.38 on a more upbeat earnings view.

In India, aluminium and copper manufacturer Hindalco Industries rose as much 4.7, after its Marchquarter profit after tax doubled from a year earlier.

Solid waster collecting firm Antony Waste Handling Cell soared 20 to a fiveweek high after it posted…