IT stocks lift Indian shares to record highs

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FILE PHOTO: People pass by the Bombay Stock Exchange (BSE) building in Mumbai, India November 4, 2020. REUTERS/Francis Mascarenhas
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BENGALURU (Businesshala) – Indian stocks were at record highs on Thursday and sure to end the holiday-shortened week nearly 2% higher, driven by gains in technology stocks following upbeat results from top firms Infosys and Wipro.

The NSE Nifty 50 index was up 0.67% at 18,283.65, while the S&P BSE Sensex was up 0.62% at 61,120.29 by 0435 GMT. Indian markets will remain closed on Friday.

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Both indices had crossed record peaks on Wednesday and posted gains this week as the central bank assured adequate liquidity, easing inflation and an emergency approval for a COVID-19 vaccine for children. News around.

IT stocks gained on Thursday, with the Nifty IT index rising 3.19% and on track for its best session in three months. Earlier this week, there were losses in the sub-index as analysts pointed to a win at Tata Consultancy Services and easing of margin pressure.

Siddharth Khemka, Head of Retail Research, Motilal Oswal Securities in Mumbai, said, “Infosys, Wipro have strong results and the expectations of strong growth in the sector have now resumed and there is buying interest in IT stocks.”

The country’s No. 2 IT services firm, Infosys, rose 4.4% to an almost three-week high as it forecast revenue growth between 16.5 and 17.5% in the fiscal year to March 2022.

Smaller rival Wipro Ltd hit a record high and topped the Nifty 50 index after a nearly 19% rise in quarterly consolidated net profit.

Realty stocks also rose 3.4% in the index to hit a record high amid lower interest rates and rising real estate prices.

Auto stocks rose after five sessions with the Nifty Auto index lower 0.2% ahead of September auto industry sales data. Tata Motors which had seen a major rally in recent sessions was down 1%. Still, the carmaker is up 31% for the week.

Reporting by Chandini Monappa in Bengaluru; Editing by Krishna Chandra Elurik

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