Bangalore: Equity indices were at record highs on Thursday and certainly ended the holiday-shortened week nearly 2% higher, driven by gains in technology stocks following upbeat results from top firms Infosys and Wipro.
The broader NSE Nifty was up 0.68% or 123 points at 18,285 in deals of late, while the benchmark BSE Sensex rose 0.66% or 403 points to 61,140. Indian markets will remain closed on Friday. The 30-share BSE pack touched an all-time high of 61,216 in intraday trade.
Both the indices had crossed record peaks on Wednesday and posted gains this week as the Reserve Bank of India (RBI) assured adequate liquidity, easing inflation and a Covid-19 vaccine for children. News around an emergency clearance.
IT stocks gained on Thursday with the Nifty IT index gaining 1.62%. Earlier this week, the sub-index took losses after analysts indicated a win in Tata Consultancy Services and easing margin pressure.
Siddharth Khemka, Head of Retail Research, Motilal Oswal Securities in Mumbai, said, “Infosys, Wipro have strong results and the expectations of strong growth in the sector have now resumed and there is buying interest in IT stocks.”
The country’s No. 2 IT services firm, Infosys, rose 4.4% to a nearly three-week high as it forecast revenue growth of 16.5 per cent to 17.5 per cent in the fiscal year to March 2022.
Smaller rival Wipro Ltd hit a record high and topped the Nifty 50 index after a nearly 19% rise in quarterly consolidated net profit.
Realty stocks also rose 3.4% in the index to hit a record high amid lower interest rates and rising real estate prices.
Auto stocks edged higher after five sessions with Nifty Auto falling 0.47%. Tata Motors which had seen a major rally in recent sessions was down 1.36%. Still, the carmaker is up about 31% for the week.
Meanwhile, India’s overall domestic passenger vehicle sales fell 41.2% in September from a year ago, data from an auto industry body showed, as the semiconductor crisis and high commodity prices created problems for automakers. has increased.
Society of Indian Automobile Manufacturers (SIAM) said total domestic passenger vehicles fell 160,070 units from 272,027 units a year ago.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)