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Tech Stocks Power Indian Shares to Record Highs

Indian shares closed at record highs on Thursday, boosted by technology stocks, as investors awaited key earnings reports after IT major Infosys lifted its annual revenue outlook.

The NSE Nifty 50 index ended 0.44% higher at 15,924.20 and the S&P BSE Sensex rose 0.48% to 53,158.85. Both the indexes have gained more than 1% so far this week.

Infosys Ltd closed 0.3% higher after posting strong earnings and raising its forecast on the back of a pandemic-driven expansion in digital offerings by businesses globally.

Wipro Ltd and Larsen & Toubro Infotech advanced 2.5% and 4.9%, respectively, ahead of their quarterly results after market close.

Larsen & Toubro Infotech’s parent and Nifty 50-component Larsen & Toubro Ltd climbed 4.2%.

The Nifty IT index firmed 1.29%, taking its yearly gains to 22.54%.

Hinduja Global Solutions rose 5% following a report that Baring Private Equity Asia was set to pick up a controlling stake in its healthcare outsourcing division.

Dilip Buildcon was down 3.9% after the highways authority temporarily banned the construction firm from participating in any bids, pending the outcome of an investigation into an accident at its project site.

RBL Bank ended 1.7% lower after it said a regulatory ban on Mastercard would impact credit card issuances. The bank said it signed a deal with Visa for its credit cards to navigate the Mastercard ban.

Investor sentiment was also upbeat after U.S. Federal Reserve Chairman Jerome Powell soothed worries over inflation overnight, pushing Asian shares higher. [MKTS/GLOB]

Reporting by Rama Venkat in Bengaluru; Editing by Aditya Soni

Source: Reuters

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