Indian shares rose for the third straight session on Thursday as oil prices fell on oversupply fears and Fed Chair Jerome Powell reiterated that the U.S. monetary policy will continue to deliver powerful support until the economic recovery is complete.
The benchmark 30-share BSE Sensex rose 254.80 points, or 0.48 percent, to close at a record high of 53,158.85, while the broader NSE Nifty index settled up 70.25 points, or 0.44 percent, at a record close of 15,924.20.
IT stocks led the surge as Infosys raised its full-year revenue guidance. Infosys shares ended marginally higher, while HCL Technologies soared 5 percent, Wipro jumped 3 percent ahead of its earnings release, and Tech Mahindra advanced 2.9 percent.
Larsen & Toubro shares climbed 3.7 percent after its subsidiary L&T Technology Services reported an 84 percent annual jump in its June quarter net profit. Shares of the latter soared 18.7 percent.
ONGC led losses to fall more than 3 percent as oil extended overnight losses amid expectations that a compromise deal between leading OPEC producers will inject a sharp increase of oil supply into an extremely tight market.
A build in U.S. fuel inventories also raised concerns over demand in the world’s largest consumer.
Coal India, Grasim, Bharti Airtel and Eicher Motor all ended down around 1 percent.
Market Analysis
Sensex, Nifty Reach Record Closing Highs
2021-07-15 11:00:05
