Indian shares settled at record highs on Friday, with the Sensex logging its longest daily winning streak in 16 years. The Nifty 50 and the S&P BSE Sensex both gained nearly 2% for the week and closed at record highs. Auto stocks, led by Bajaj Auto, climbed to a record high after an upgrade from BofA Global Research. The IT index also rose, fueled by expectations of a rate hike pause from the U.S. Federal Reserve. Small-caps and mid-caps settled higher, although they snapped a three-week winning streak due to recent market volatility. Christopher Wood, global head of equity strategy at Jefferies, sees this correction as a buying opportunity. Among individual stocks, Strides Pharma surged after receiving FDA approval for an anti-retroviral therapy drug, and HDFC Bank gained ahead of the FTSE’s semi-annual index review.

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