BENGALURU, Aug 3 (Reuters) - Indian shares closed higher for
a sixth straight session on Wednesday, led by gains in
information technology stocks, as investors await the central
bank's policy meeting outcome later this week.
The NSE Nifty 50 index rose 0.25% to 17,388.15, at
close, and the S&P BSE Sensex was up 0.37% at
58,350.53, after see-sawing between gains and losses for most of
the session against the backdrop of escalating U.S.-China
Looking ahead, traders are awaiting the outcome of the
Reserve Bank of India's (RBI) monetary policy meeting on Friday.
With inflation at multi-year highs, the RBI committee is
seen raising rates, though the views on the quantum of increase
were split wide between 25 basis points and 50 basis points, a
Reuters poll of economists showed.
Helping the sentiment in domestic equities on Wednesday,
foreign investors bought $860.5 million worth of Indian shares
in the last two session after purchasing a net $618.05 million
worth of shares in July.
Nifty's IT sub-index closed up 1.35% after
scaling its highest in more than a month in the session. Infosys
Ltd, Tata Consultancy Services Ltd and Tech
Mahindra Ltd were the top gainers on the Nifty 50
index, rising over 1% each.
Countering some of the gains, top automakers Tata Motors
and Maruti Suzuki India fell 1.8% and 2.3%,
Nifty's auto index closed 0.8% lower, snapping
five straight sessions of gains, over chip supply fears on the
back of fresh U.S.-China tensions after U.S. House of
Representatives Speaker Nancy Pelosi's visit to Taiwan, which is
home to the world's biggest contract manufacturer of
"If there is any escalation (between U.S. and China) by this
weekend, that will likely disrupt the supply chain management
globally for semiconductors," said Prashanth Tapse, research
analyst at Mehta Equities.
Among other individual stock moves, InterGlobe Aviation Ltd
, the operator of India's top airline IndiGo, closed
1.7% higher ahead of its quarterly results.
(Reporting by Rama Venkat in Bengaluru; Editing by Shailesh