BENGALURU, July 20 (Reuters) - Indian shares ended at a more
than six-week high on Wednesday, led by strong gains in
technology firms and as oil producers climbed after the
government slashed windfall taxes on local crude sales and fuel
The NSE Nifty 50 index ended 1.1% higher at
16,520.85, while the S&P BSE Sensex rose 1.15% to
55,397.53, with both indexes posting their fourth straight
session of gains.
The mood was also upbeat in broader markets as the expected
resumption of Russian gas supply to Europe allayed fears of a
In Mumbai, shares of oil producers jumped after India cut a
windfall tax on oil producers and refiners and exempted gasoline
from an export levy, less than a month after it imposed the two
"The decline in windfall tax would mean better and more
sustainable margins for explorers and refiners ... This move
would also help get back investor confidence in these stocks,"
said Rohit Khatri, assistant vice president of fundamental
research at Religare Broking.
Reliance Industries jumped 2.7%, while Oil and
Natural Gas Corp, Vedanta Ltd and Oil India
Ltd gained between 3.6% and 6.1%.
The Nifty energy index gained 0.9%, while the
beaten-down Nifty IT index surged 2.9%. The IT index
has declined about 27% so far this year as investors dumped
growth stocks in favour of value stocks due to the high
Nifty 50 components Wipro and IndusInd Bank
ended higher ahead of their June-quarter earnings
Meanwhile, the Indian rupee fell to a record
closing low of 79.99 against the dollar.
(Reporting by Chris Thomas in Bengaluru; Editing by Maju