Sensex, Nifty extend gains as IT, Metal stocks advance

Reuters | | Updated on: Aug 04, 2022

A magnifier shows the positive development of share prices. In the background, other curves with trading prices and a calculator can be seen. | Photo Credit: SusanneB

IT, Metal and Pharma stocks sizzle

Indian stock indices rose for a seventh straight session on Thursday, taking cues from broader Asian market and helped by gains in information technology stocks, while investors awaited a central bank policy decision on Friday for further cues.

The NSE Nifty 50 index was up 0.43% at 17,462.35, while the S&P BSE Sensex rose 0.46% to 58,619.16.

The RBI has raised rates twice since May and is expected to hike again on Friday to tame persistently high inflation.

The Nifty's IT index extended gains from the previous session to rise more than 1% and was the top performer among sectoral indices. Infosys Ltd jumped 2% and provided the biggest boost to the benchmark Nifty 50.

Among IT stocks, Mphasis, Mindtree, Infosys and LT Technology Services rose 2 per cent in early trades.

Among Metals, Jindal Steel and Hindalco surged over 4 per cent, while APL Apollo, NMDC, National Aluminium and Vedanta scored nearly 3 per cent gains initially.

Britannia Industries was down 0.4%, ahead its quarterly earnings results due later in the day.

In broader Asia, equities rose, following a strong rally on Wall Street after data showed the services industry unexpectedly picked up in July.

Published on August 04, 2022
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