Indian shares end higher as IT stocks, banks gain

BENGALURU: Indian shares closed higher on Monday on the back of gains in information technology and financial stocks, while automaker Mahindra & Mahindra firmed following an upbeat earnings report last week.

The blue-chip NSE Nifty 50 index ended up 0.12% at 16,258.25 and the benchmark S&P BSE Sensex was 0.23% higher to 54,402.85.

Domestic equities scaled record highs last week and notched a weekly gain of 3% thanks to a string of strong corporate earnings reports and the central bank's decision to keep interest rates unchanged.

Leading the gains on the Nifty on Monday, automaker Mahindra & Mahindra and financial services firm Bajaj Finserv added 2.2% and 1.7%, respectively.

Mahindra reported a profit for the first quarter on Friday as demand for passenger vehicles and tractors improved.

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The Nifty IT index ended 0.44% higher, with Infosys Ltd and Tech Mahindra Ltd rising 0.8% and 1.8%, respectively.

The Nifty Bank index and Nifty Private Bank index gained 0.61% and 0.69%, respectively.

Shares of tyre maker MRF Ltd ended 1.1% higher after the company reported a rise in June-quarter profit and revenue.

Industrial machine parts maker Rolex Rings closed 29.7% higher in its market debut.

On the other hand, Nifty's metal and energy sub-indexes ended down 1.87% and 0.72%, respectively.

Globally, shares treaded water as sharp falls in gold and oil prices briefly spooked sentiment.