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Indian shares extend gains as IT stocks advance

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.

Updated on: Aug 4, 2022, 09:24:56 IST
Reuters | Bengaluru
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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.

File image (REUTERS)
File image (REUTERS)

The NSE Nifty 50 index was up 0.43% at 17,462.35, as of 0350 GMT, while the S&P BSE Sensex 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 extended gains from the previous session to rise more than 1% and was the top performer among sub-indexes. Infosys Ltd jumped 2% and provided the biggest boost to the benchmark Nifty 50.

Biscuit maker Britannia Industries 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.

 
Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.
Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.
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