BENGALURU, Jan 11 (Reuters) - Indian shares ended higher for
a third straight session on Tuesday, with sharp gains in IT
stocks offsetting a slide in the metal index as investors eyed
the start of corporate earnings for more cues.
The NSE Nifty 50 index closed 0.29% higher at
18,055.75 and the S&P BSE Sensex ended 0.37% higher at
60,616.89. Both indexes are up roughly 4% so far this year.
The Nifty IT index closed up 1.03%, with all
constituents finishing in the green, a day ahead of
third-quarter earnings reports from heavyweights Tata
Consultancy Services, Wipro and Infosys
. The sub-index outperformed the benchmark indexes in
2021.
Shares of Hinduja Global Solutions added 6% after
the IT services provider said it would consider a share buyback
later this week.
Renewable energy firm Adani Green Energy settled
up 10% after it said third-quarter operating capacity was up
84%.
Meanwhile, the Nifty metal index finished 1.8%
lower as shares in JSW Steel and Tata Steel
lost more than 3% each to be the top percentage losers
on the blue-chip index.
Brokerage Jefferies downgraded Tata Steel to "hold" from
"buy" and JSW Steel to "underperform" from "buy," and reduced
their price targets as well.
Shares of Vodafone Idea crashed 20.5% after the
telecom operator approved the conversion of spectrum interest
and government dues into equity.
Meanwhile, daily COVID-19 cases in India rose by 168,063,
although slightly lower than Monday's increase.
Analysts have said investors are not too worried about the
COVID-19 situation as reports suggest the fast-spreading Omicron
variant is not virulent and hospitalization cases are very low.
(Reporting by Chandini Monnappa in Bengaluru; Editing by
Ramakrishnan M.)