Indian shares close higher as IT rally offsets virus-induced slump
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BENGALURU- Indian shares closed higher on Friday, led by a 9% jump in Wipro after strong quarterly results, as investors momentarily shifted focus from surging coronavirus cases and awaited cues from further corporate earnings.
The NSE Nifty 50 index closed 0.25% higher at 14,617.85, while the S&P BSE Sensex was flat at 48,832.03.
For the week, both indexes fell around 1.5% each as India reported a record jump in new coronavirus cases for the eighth time in the last nine days. The fresh surge in cases has prompted a lockdown in Maharashtra, home to the financial hub of Mumbai.
On Friday, shares of IT services firm Wipro Ltd soared 9% a day after it reported a 28% rise in quarterly profit, beating analysts' estimates.
Indian companies kicked off another corporate earnings season with index heavyweights Tata Consultancy Services and peer Infosys Ltd logging a jump in quarterly profit earlier this week.
IT stocks closed 1.2% higher but clocked a weekly loss of 3.8% due to a heavy sell-off in equity markets sparked by rising coronavirus cases.
Pharmaceutical stocks, several of which make COVID-19 medication, settled 1.9% higher as demand for such drugs, including remdesivir, rose with cases climbing.
Auto stocks closed 1.2% higher, led by a 2% rise each in Tata Motors Ltd and Mahindra and Mahindra Ltd.
Metal stocks advanced 0.8% as benchmark iron ore prices rose on strong demand.
