Indian IT stocks drive Nifty index to record high ahead of TCS results

  • Reuters
  • Stock Market News
Indian IT stocks drive Nifty index to record high ahead of TCS results

By Anuron Kumar Mitra

BENGALURU, Jan 8 (Reuters) - Indian IT services and financial stocks helped the blue-chip Nifty scale a record high on Friday, as investors turned their focus to the third-quarter earnings season with IT major Tata Consultancy Services reporting its results later in the day.

By 0454 GMT, the NSE Nifty 50 .NSEI advanced 0.91% to 14,266.00 and the benchmark S&P BSE Sensex .BSESN added 0.82% to 48,492.18, with both indexes on track to close out the first full week of the new year higher.

"Markets are focusing on earnings, more so on key sectors like IT and banking wherein they are keenly eyeing how the results pan out," said Narendra Solanki, head of equity research (fundamental) at Anand Rathi Investment Services.

"IT is being seen as performing good, based on last quarter's optimistic management commentary on outlook in India and globally."

TCS TCS.NS rose 1.6% and was among the top boosts to the Nifty, while smaller rivals Infosys INFY.NS and Wipro WIPR.NS gained 1.5% and 1.6%, respectively, ahead of their results next week.

Separately, India's Central Statistics Office estimated on Thursday that the economy would contract 7.7% in the current financial year, broadly in line with forecasts of private economists and the central bank. other sectors, the Nifty Bank Index .NSEBANK climbed 0.67%, with HDFC Bank HDBK.NS among the top boosts to the Nifty 50.

Biocon BION.NS added 1.8% after the biopharmaceutical firm said Abu Dhabi-based holding company ADQ would invest 5.55 billion rupees in its biologics unit. companies Balrampur Chini Mills BACH.NS , Avadh Sugar & Energy AVAD.NS , Rana Sugars RNSG.NS and Bajaj Hindusthan Sugar BJHN.NS gained between 1.3% and 2.2%.

Indian sugar mills are aggressively signing export contracts as global prices hit multi-year highs, four industry officials told Reuters on Thursday. Asian markets scaled fresh highs after Wall Street hit record levels overnight, as investors bet on an economic recovery later in the year. MKTS/GLOB

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