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Indian Shares End Higher for Third Straight Day

Indian shares notched their third straight session of gains on Wednesday, lifted by Infosys and other heavyweight information technology names, while auto stocks snapped a losing streak.

The blue-chip NSE Nifty 50 index added 0.51% to close at 15,174.80, while the benchmark S&P BSE Sensex advanced 0.50% to end at 51,279.51. The Nifty and Sensex have now gained 1.59% and 1.73%, respectively, this week.

A rebound in broader Asian markets from a two-month low also buoyed sentiment.

In domestic trading, nearly all major sectors rose.

The Nifty IT index closed 1.67% higher, with Infosys Ltd gaining 1.7% and providing the top boost to the Nifty 50.

The Nifty Auto Index ended up 0.91%, after falling for five straight sessions. The index was supported by data from an industry body that showed India’s total passenger vehicle sales and two-wheeler sales for February rose 17.9% and 10.2%, respectively.

Shares of solar panels and solar cells makers such as Borosil Renewables Ltd and Indosolar Ltd closed up between 4.3% and 4.6%.

India will levy an import tax on solar modules and cells from April next year to boost local manufacturing, Reuters reported on Tuesday.

The Nifty energy index was among the few sectors to end in the red, shedding 0.28% and adding to its losses from the previous session.

Markets are closed on Thursday for a holiday.

Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Sriraj Kalluvila

Source: Reuters

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