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Indian Shares Rise on IT Boost, Fed

BENGALURU (Reuters) - Indian shares rose on Thursday after three straight sessions of falls, led by IT and banking stocks, and as global investor sentiment calmed after the U.S. Federal Reserve set no timeline for tapering.

By 0409 GMT, the blue-chip NSE Nifty 50 index was up 0.25% at 15,749.25 and the benchmark S&P BSE Sensex was 0.30% higher at 52,601.32. Both indexes ended about 0.2% lower on Wednesday.

Shares of Maruti Suzuki fell 2.25% after the country’s top carmaker missed estimates for quarterly profit margins on Wednesday as rising raw material costs eclipsed a robust revival in demand for its vehicles.

The IT index was up 0.7%, led by HCL Tech, Tech Mahindra and Oracle India, all up between 1.2% and 2.5%. Tech Mahindra will report results later in the day, while Oracle India reported a rise in profit and revenue on Wednesday.

Shares of IDBI Bank were up 1.06% after the lender posted a jump in June-quarter net profit to 6.03 billion rupees from 1.44 billion rupees a year ago.

Tatva Chintan Pharma Chem will make its market debut on Thursday. The chemical producer’s 5 billion rupees initial public offering was subscribed over 180 times.

Apart from Tech Mahindra, investor focus will be on the results of TVS Motor Company, Colgate-Palmolive (India), LIC Housing Finance and PVR.

Asian shares managed a semblance of calm as the U.S. Federal Reserve signalled it was in no rush to taper stimulus and said accelerating inflation remained the result of “transitory factors”.

Reporting by Vishwadha Chander in Bengaluru; Editing by Subhranshu Sahu

Source: Reuters

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