Indian shares open higher; TCS set to kick off earnings season

  • Reuters
  • Stock Market News
Indian shares open higher; TCS set to kick off earnings season
Credit: © Reuters.

BENGALURU, Jan 8 (Reuters) - Indian shares opened higher on Friday, boosted by financial and IT services stocks, as focus shifted to third-quarter earnings with IT major Tata Consultancy Services reporting its results later in the day.

The blue-chip NSE Nifty 50 index .NSEI rose 0.75% to 14,243.60 and the benchmark S&P BSE Sensex .BSESN climbed 0.67% to 48,417.84 by 0349 GMT.

The Indian economy is expected to contract 7.7% in the current financial year, the Central Statistics Office estimated on Thursday, broadly in line with forecasts of private economists and the central bank. Mumbai trading, the Nifty IT index .NIFTYIT rose 1.37% while the Nifty Bank Index .NSEBANK gained 0.72%, with TCS TCS.NS and 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. Asian markets rose, after Wall Street hit record highs overnight as investors bet on an economic recovery later in the year. MKTS/GLOB

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