IT stocks propel Indian shares to record highs
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
BENGALURU - Indian shares opened at record highs on Thursday, and were on course to finish the holiday-shortened week roughly 2% higher, as Infosys led IT stocks higher on annual revenue outlook hike.
The NSE Nifty 50 index was up 0.67% at 18,279.45, while the S&P BSE Sensex rose 0.63% to 61,124.55 by 0345 GMT. Indian markets will be closed on Friday for a holiday.
Both indexes had scaled record peaks on Wednesday, aided by factors such as easing inflation and news around an emergency nod for a COVID-19 vaccine for kids.
On Thursday, IT stocks drove gains, with the Nifty IT index rising nearly 3%.
The country's No.2 IT services firm, Infosys Ltd, rose 3% after it beat market estimates for quarterly consolidated net profit and forecast revenue to rise between 16.5% and 17.5% in the financial year to March 2022.
Smaller rival Wipro Ltd jumped 7% after it logged a near 19% rise in quarterly consolidated net profit.
The Nifty auto index extended gains to a sixth session and was up nearly 1% ahead of September auto industry sales data.
(Reporting by Chandini Monnappa in Bengaluru; Editing by Subhranshu Sahu)
.jpg)
