Indian shares rise on gains in financial, IT stocks; Infosys top boost
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BENGALURU - Indian shares opened higher on Wednesday as gains in heavyweight financial and information technology stocks helped extend a rally from the previous session.
The blue-chip NSE Nifty 50 index rose 0.53% to 15,178.90 and the bechmark S&P BSE Sensex rose 0.55% to 51,306.04 by 0356 GMT. The Nifty closed up nearly 1% on Tuesday, while the Sensex ended the day with a 1.2% rise.
Sentiment was also aided by gains in broader Asian markets, which bounced back from a two-month low as bond yields fell and concerns over inflation eased.
In domestic trading, the Nifty Bank Index rose 0.59%, while the Nifty IT index was up 0.96%. Software services provider Infosys Ltd was the top boost to the Nifty 50, gaining 1%.
State-owned lender Bank of Baroda Ltd rose as much as 2%. The company will look for an investor in its credit card business and consider a potential listing for its insurance joint venture, its chief executive told Reuters on Tuesday.
Solar equipment makers Adani Green Energy Ltd, Tata Power Co Ltd and Indosolar Ltd gained between 0.8% and 4.6%. India will levy import tax on solar modules and cells from April next year, as it looks to cut imports and boost local manufacturing, Reuters reported on Tuesday.
