IT stocks, L&T lift Indian shares to near record highs; Wipro results eyed

FILE PHOTO: A man walks out of the Bombay Stock Exchange (BSE) building in Mumbai, India, January 3 2020. REUTERS/Francis Mascarenhas/File Photo

BENGALURU (Reuters) – Gains in technology stocks lifted India’s benchmark equity indexes to near record highs on Thursday, after IT major Infosys upgraded its revenue outlook, with investors now awaiting results from Wipro due later in the day.

The NSE Nifty 50 index rose 0.18% to 15,883.1 by 0402 GMT, while the S&P BSE Sensex was up 0.21% at 53,013.33.

Infosys rose as much as 1.3% before paring some gains, as more contract wins from global businesses expanding their digital offerings during the COVID-19 pandemic helped the company upgrade its annual revenue forecast. The Nifty IT index rose 0.9% to a record high.

Larsen & Toubro Infotech jumped 4.6% ahead of its earnings report, while its parent and Nifty 50-component Larsen & Toubro Ltd climbed 3.7%.

Shares of Wipro rose 1.5%.

RBL Bank dropped 3% after the lender said a regulatory ban on Mastercard would impact its credit card issuances. The bank said it had, meanwhile, inked a deal with Visa for its credit cards.

Broader Asian shares were firm after U.S. Federal Reserve Chairman Jerome Powell soothed worries over inflation, with investors looking ahead to a raft of Chinese economic data due later in the day.

Source: Read Full Article