Indian shares open higher on gains in IT stocks, Reliance boost
- Tata Communications Ltd fell 6.2% after the telecoms services provider said the government would sell up to a 10% stake in the company through an offer for sale, at a discounted floor price to the stock's last close.
BENGALURU: Indian shares opened higher on Tuesday after closing lower in the previous session, helped by gains in heavyweight information technology stocks and conglomerate Reliance Industries.
The blue chip NSE Nifty 50 index rose 0.46% to 14,998.50 and the benchmark S&P BSE Sensex added 0.45% to 50,622.16 by 0356 GMT.
A renewed surge in COVID-19 cases, a jump in February inflation to a three-month high and a fall in January industrial output had led the Nifty to drop as much as 1.90% and the Sensex 1.96% on Monday.
Information technology stocks, which helped pare losses towards the close the previous session, continued their gains on Tuesday.
The Nifty IT index rose 0.56%. Software services provider Infosys Ltd added 0.8% and was the top boost to the Nifty 50. Oils-to-telecom conglomerate Reliance Industries Ltd gained 0.3%.
Tata Communications Ltd fell 6.2% after the telecoms services provider said the government would sell up to a 10% stake in the company through an offer for sale, at a discounted floor price to the stock's last close.
Broader Asian markets were set to open higher, following record highs on Wall Street overnight, amid investor optimism over vaccinations and approval of the US $1.9 trillion stimulus bill.
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