Indian shares gain as Infosys, banks stocks climb
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Indian shares were higher in early trades on Friday, led by gains in IT giant Infosys, bank stocks and strength in broader Asia.
The NSE Nifty 50 index was 1.77% higher at 17,315.60 as of 0350 GMT, and the S&P BSE Sensex climbed 1.86% to 58,297.87.
Both the indexes had closed down over 0.6% in the previous session.
In early trades, Infosys Ltd climbed as much as 4.6% and was the top boost to the Nifty 50 index.
The country's No.2 IT services company reported a bigger-than-expected increase in second-quarter profit, boosted by strong margin growth.
Nifty's IT, private sector bank and public sector bank indexes were up over 2% each.
Two- and three-wheeler maker Bajaj Auto, a Nifty- 50 component, was 1% higher ahead of its quarterly earnings results later in the day.
Nifty's auto index was 1.28% higher.
Asian shares climbed on Friday following Wall Street, although gains could be shortlived over recession worries after surging U.S. inflation increased likelihood of higher interest rates for longer. [MKTS/GLOB]
