Indian shares extend gains as IT stocks advance

People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India, November 4, 2020. REUTERS/Francis Mascarenhas

BENGALURU, Aug 4 (Reuters) – Indian shares rose for a seventh straight session on Thursday, taking cues from broader Asia and helped by gains in information technology stocks, while investors awaited a central bank policy decision on Friday for further cues.

The NSE Nifty 50 index (.NSEI) was up 0.43% at 17,462.35, as of 0350 GMT, while the S&P BSE Sensex (.BSESN) rose 0.46% to 58,619.16.

The Reserve Bank of India has raised rates twice since May and is expected to hike again on Friday to tame persistently high inflation in Asia’s third-largest economy.

In Mumbai trading, the Nifty’s IT index (.NIFTYIT) extended gains from the previous session to rise more than 1% and was the top performer among sub-indexes. Infosys Ltd (INFY.NS) jumped 2% and provided the biggest boost to the benchmark Nifty 50.

Biscuit maker Britannia Industries (BRIT.NS) was down 0.4%, ahead its quarterly earnings results due later in the day.

In broader Asia, equities rose, following a strong rally on Wall Street after data showed the services industry unexpectedly picked up in July.

Reporting by Rama Venkat in Bengaluru; Editing by Subhranshu Sahu

Our Standards: The Thomson Reuters Trust Principles.

People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India, November 4, 2020. REUTERS/Francis Mascarenhas

BENGALURU, Aug 4 (Reuters) – Indian shares rose for a seventh straight session on Thursday, taking cues from broader Asia and helped by gains in information technology stocks, while investors awaited a central bank policy decision on Friday for further cues.

The NSE Nifty 50 index (.NSEI) was up 0.43% at 17,462.35, as of 0350 GMT, while the S&P BSE Sensex (.BSESN) rose 0.46% to 58,619.16.

The Reserve Bank of India has raised rates twice since May and is expected to hike again on Friday to tame persistently high inflation in Asia’s third-largest economy.

In Mumbai trading, the Nifty’s IT index (.NIFTYIT) extended gains from the previous session to rise more than 1% and was the top performer among sub-indexes. Infosys Ltd (INFY.NS) jumped 2% and provided the biggest boost to the benchmark Nifty 50.

Biscuit maker Britannia Industries (BRIT.NS) was down 0.4%, ahead its quarterly earnings results due later in the day.

In broader Asia, equities rose, following a strong rally on Wall Street after data showed the services industry unexpectedly picked up in July.

Reporting by Rama Venkat in Bengaluru; Editing by Subhranshu Sahu

Our Standards: The Thomson Reuters Trust Principles.