IT stocks lift Indian shares

BENGALURU: Indian shares advanced on Tuesday, led by gains in IT stocks ahead of US inflation data later in the day, while investors brushed off the impact of a bigger-than-expected jump in domestic inflation.

The Nifty 50 index settled 0.89% up at 17,929.85, its highest close since Jan. 24, when US short-seller Hindenburg Research’s scathing report on the Adani Group triggered a slide in domestic equities.

The S&P BSE Sensex rose 0.99% to 61,032.26, its highest in nearly four weeks.

Thirty of Nifty 50 constituents rose. Adani Enterprises was among the top gainers, rising 1.88% after reporting a swing to a third-quarter profit from a year-ago loss and said it had made no “material financial adjustments” in the wake of the Hindenberg report.