Sensex, Nifty edge higher as TCS earnings boosts IT stocks

FILE PHOTO: A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, December 11, 2018. REUTERS/Francis Mascarenhas

BENGALURU (Reuters) – Indian shares opened higher on Monday led by gains in information technology shares after Tata Consultancy Services, the country’s top software exporter, reported strong results and provided an upbeat outlook.

The blue-chip NSE Nifty 50 index rose 0.6% to 14,436 and the benchmark S&P BSE Sensex climbed 0.57% to 49,062.03 by 0346 GMT.

The Nifty IT index rose 1.9%, while TCS gained 1.5% to hit a record high at 3,230 rupees.

TCS on Friday reported higher December-quarter profit and predicted stronger growth ahead, kickstarting corporate earnings season.

Shares of D-Mart operator Avenue Supermarts rose 2.8% after the company reported a 16.4% jump in December quarter profit over the weekend.

Meanwhile, Asian shares took a breather on Monday while Treasury yields were at 10-month highs as “trillions” in new U.S. fiscal stimulus plans were set to be unveiled this week.

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