IT stocks propel 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 shares opened at record highs on Thursday, and were on course to end the holiday-shortened week nearly 2% higher, as Infosys led IT stocks on annual revenue outlook growth.

The NSE Nifty 50 index was up 0.67% at 18,279.45, while the S&P BSE Sensex was up 0.63% at 61,124.55 GMT 0345. Indian markets will remain closed on Friday for a holiday.

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Both indices had crossed record peaks on Wednesday, as evidenced by easing inflation and news around an emergency approval for a COVID-19 vaccine for children.

IT stocks gained on Thursday with the Nifty IT index gaining nearly 3%.

Infosys Ltd., the country’s No. 2 IT services firm, grew 3% after beating market estimates for quarterly consolidated net profit and forecast revenue growth of between 16.5 and 17.5% in the fiscal year to March 2022.

Smaller rival Wipro Ltd jumped 7% after reporting a nearly 19% rise in quarterly consolidated net profit.

The Nifty Auto index extended gains in the sixth session and was nearly 1% ahead of September auto industry sales figures.

Reporting by Chandini Monappa in Bengaluru; Editing by Subhranshu Sahu


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