BENGALURU, Aug 4 (Reuters) - Indian shares were trading
higher on Thursday, supported by gains in other Asian equities
and strength in domestic IT stocks, while investors kept an eye
out for a central bank policy decision later this week.
The NSE Nifty 50 index was up 0.3% at 17,441, as of
0447 GMT, and the S&P BSE Sensex rose 0.31% to
58,529.98, climbing for a seventh straight session.
"The sentiment overall looks good, foreign investors
continue to be buyers and global cues remain on the positive
side so that has helped us," said Anita Gandhi, director at
Arihant Capital Markets.
Foreign investors purchased a net $1.07 billion worth of
Indian equities in the first three trading sessions this month,
according to Refinitiv data.
Market participants are awaiting the outcome of the Reserve
Bank of India's (RBI) monetary policy meeting on Friday. The RBI
has raised rates twice since May and is expected to hike rates
again to tame persistently high inflation in Asia's
The views on the quantum of increase, however, were split
widely between 25 basis points and 50 basis points, a Reuters
poll of economists showed.
India's retail inflation remained painfully above the 7%
mark and beyond the central bank's tolerance band for the sixth
month in a row in June, but has shown some signs of easing in
The Nifty's IT index, the best performer among
other sub-indexes, rose more than 1% tracking the tech-heavy
Nasdaq which climbed over 2% overnight.
IT services provider Infosys Ltd jumped as much as
2.4% to hit a more than three-month high and provided the
biggest boost to the benchmark Nifty 50.
Biscuit maker Britannia Industries Ltd was down as
much as 1.2%, ahead of its quarterly earnings results due later
in the day.
Equities climbed in broader Asia, following a strong rally
on Wall Street after data showed the services industry
unexpectedly picked up in July.
(Reporting by Rama Venkat in Bengaluru; Additional reporting by
Gaurav Dogra; Editing by Subhranshu Sahu and Shounak Dasgupta)