BENGALURU: India’s benchmark Nifty 50 and Sensex indexes logged small gains on Thursday, ahead of a key US inflation print, while information technology stocks were subdued before quarterly results from bellwethers later in the day.
The NSE Nifty 50 rose 0.13% to 21,647.20 points, while the S&P BSE Sensex gained 0.09% to 71,721.18.
IT stocks fell 0.28%, ahead of quarterly results of market leaders Tata Consultancy Services and Infosys, due post market hours on Thursday.
IT companies’ forecasts will be in focus as their results are expected to be subdued on weak spending by key US clients.
US inflation data, due later in the day, will also be on investors’ radar.
A soft print will likely fortify bets of a rate cut in March, making equities, and IT stocks in particular, attractive.
“We see the benchmark Nifty consolidating and different sectors coming to the fore, driven by earnings in the near-term, said Abhishek Goenka,” founder and CEO of treasury and wealth management firm IFA Global.
Comments
Comments are closed for this article.