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Indian shares extend gains as IT stocks advance

08/04/2022 | 12:09am EDT
People walk past the Bombay Stock Exchange (BSE) building in Mumbai

BENGALURU (Reuters) - 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.

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. [MKTS/GLOB]

(Reporting by Rama Venkat in Bengaluru; Editing by Subhranshu Sahu)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF INDIA LIMITED 5.21% 48.5 End-of-day quote.-5.55%
BRITANNIA INDUSTRIES LIMITED 0.29% 3864.5 End-of-day quote.7.17%
INFOSYS LIMITED 0.28% 1398.65 Delayed Quote.-26.12%
NIFTY 50 -0.24% 16818.1 Delayed Quote.-2.86%
SENSEX BSE30 -0.33% 56409.96 Real-time Quote.-3.17%
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