BENGALURU, Jan 8 (Reuters) - Indian IT services and
financial stocks helped the blue-chip Nifty scale a record high
on Friday, as investors turned their focus to the third-quarter
earnings season with IT major Tata Consultancy Services
reporting its results later in the day.
By 0454 GMT, the NSE Nifty 50 advanced 0.91% to
14,266.00 and the benchmark S&P BSE Sensex added 0.82%
to 48,492.18, with both indexes on track to close out the first
full week of the new year higher.
"Markets are focusing on earnings, more so on key sectors
like IT and banking wherein they are keenly eyeing how the
results pan out," said Narendra Solanki, head of equity research
(fundamental) at Anand Rathi Investment Services.
"IT is being seen as performing good, based on last
quarter's optimistic management commentary on outlook in India
TCS rose 1.6% and was among the top boosts to the
Nifty, while smaller rivals Infosys and Wipro
gained 1.5% and 1.6%, respectively, ahead of their
results next week.
Separately, India's Central Statistics Office estimated on
Thursday that the economy would contract 7.7% in the current
financial year, broadly in line with forecasts of private
economists and the central bank.
Among other sectors, the Nifty Bank Index climbed
0.67%, with HDFC Bank among the top boosts to the
Biocon added 1.8% after the biopharmaceutical firm
said Abu Dhabi-based holding company ADQ would invest 5.55
billion rupees in its biologics unit.
Sugar companies Balrampur Chini Mills, Avadh Sugar
& Energy, Rana Sugars and Bajaj Hindusthan
Sugar gained between 1.3% and 2.2%.
Indian sugar mills are aggressively signing export contracts
as global prices hit multi-year highs, four industry officials
told Reuters on Thursday.
Broader Asian markets scaled fresh highs after Wall Street
hit record levels overnight, as investors bet on an economic
recovery later in the year.
(Reporting by Anuron Kumar Mitra in Bengaluru; Editing by