IT stocks drive Indian shares higher ahead of Infosys results

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New Delhi: Indian shares ended higher on Wednesday on the back of gains in information technology (IT) stocks, with analysts expecting sector bellwether Infosys to report a jump in quarterly profit after market close.

The blue-chip NSE Nifty 50 index ended 0.26% higher at 15,853.95, while the benchmark S&P BSE Sensex rose 0.25% at 52,904.05.

Markets had opened slightly lower on Wednesday as the biggest jump in U.S. inflation in 13 years reinforced expectations of tapering by the U.S. Federal Reserve, but a surge in domestic IT stocks helped erase early losses. 

The Nifty IT index rose as much as over 3% to a record high. Shares of MindTree and Wipro jumped 9.3% and 7.2%, respectively, and were among the top boosts to the sub-index.

Larger rival Infosys was up 2.1% ahead of first-quarter results, with analysts expecting a rise in profit as global businesses expanded their digital offerings during the pandemic. 7th Pay Commission: Cabinet approves 28% DA hike, check how much your salary will increase

On Tuesday, S&P Global Ratings kept India`s sovereign rating unchanged at the lowest investment grade of `BBB-`, and said recovery from the current economic slowdown depended on the government`s ability to bring in reforms that spur investment and create jobs. Also Read: 7th Pay Commission: 28% DA hike applicable from July 1: Anurag Thakur

 

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