AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

Indian shares ended higher on Thursday as IT stocks such as Infosys Ltd and Tata Consultancy Services Ltd (TCS) gained on the back of a weaker rupee. The broader NSE index closed 0.8 percent higher at 10,513.85 while the benchmark BSE index ended 0.93 percent stronger at 34,663.11. Nifty IT index ended 2.31 percent higher with Infosys gaining 2.96 percent and TCS firming up 3.31 percent.
Financial stocks also advanced with HDFC Bank gaining 0.9 percent and Housing Development Finance Corp Ltd ending 1.3 percent higher. Bearish bets on the rupee climbed to their highest since August, a Reuters poll showed last week, with sentiment further soured by rising oil prices. A weaker rupee could translate into higher returns from the US market, the biggest source of revenue for IT companies.
With the market factoring in that the rupee will stay at current levels going forward, this will be an advantage for IT companies, said Sudheer Guntupalli, a technology sector analyst with Ambit Capital. "Market is also expecting an uptick in IT spending in key client verticals such as BFSI (Banking, Financial services and Insurance), retail, etc after the recent US tax reform," said Guntupalli. The Nifty IT index rose as much as 2 percent, its biggest intraday gain in nearly four weeks, and has gained 15.4 percent so far this year.
Infosys rose as much as 3 percent and TCS climbed 2.8 percent. The broader NSE index was up 0.48 percent at 10,480.20 as of 0716 GMT, while the benchmark BSE index was 0.62 percent higher at 34,557.42.
Meanwhile, Tata Motors Ltd fell to its lowest since February 2016 after the automaker said fourth-quarter profit halved due to higher expenses and a one-off charge. Tata Motors was the top percentage loser on both the indexes. Jet Airways (India) Ltd, the country's second-largest airline by market share, hit its lowest since February 2017 on bleak quarterly results.

Copyright Reuters, 2018

Comments

Comments are closed.