MUMBAI (Reuters) - India's stock markets edged higher on Friday in a volatile session as energy firms such as Reliance Industries rallied after the country simplified oil and gas licensing rules, while property developers gained after parliament passed a real estate bill.
The reforms raised hopes the government would take further measures after key parts of its legislative agenda, including a revamp of the goods and services tax (GST), had been stuck in parliament. The government controls the lower house of parliament but not the upper.
The broader NSE Nifty was tentatively headed for a weekly gain of 0.1 percent, its second consecutive weekly advance, marking a revival in sentiment after the government stuck to its fiscal deficit target for next year in the budget unveiled on Feb. 29.
But recent outperformers such as Bharti Airtel
Arun Kejriwal, a director at Kris Research, said he was encouraged the government was starting to bring to reality some of the measures it had discussed over the last two years.
"The upper house of parliament is functioning, and some key bills have been passed. Expect GST to be passed after recess (next month)," Kejriwal said.
The broader NSE Nifty was up 0.1 percent at 0835 GMT, while the benchmark BSE Sensex gained 0.2 percent.
Among gainers, Reliance Industries
Property developer DLF
The legislation could protect home buyers and ensure the timely execution of projects to boost investor confidence and stamp out illegal practices.
Meanwhile, Interglobe Aviation Ltd
But investors also booked profits in recent outperformers, with Bharti Airtel falling 0.2 percent after gaining 2.1 percent over the previous three sessions.
(Reporting by Manoj Rawal; Editing by Sunil Nair)
