Indian shares ended higher on Thursday after earlier hitting their highest in nearly four months as IT stocks such as Infosys and Tata Consultancy Services recovered after steep fall. The broader NSE index ended up 0.2 percent at 8,734.25, while the benchmark BSE index closed 0.3 percent higher at 28,226.61.
Both indexes earlier hit their highest since Oct. 6, 2016. Shares briefly hit their highest since late October, although they were unable to build on Wednesday's gains after the government unveiled a budget to help the poor with hikes in spending and cuts in taxes.
"There is some consolidation after the moves we saw yesterday. In the longer term, the market remains extremely positive," said Gaurang Shah, vice president, Geojit BNP Paribas.
Markets would also remain supported as the impact of a ban on higher value banknotes eases, analysts said.
Auto stocks dropped on Thursday after reporting lower January sales, with the Nifty auto index falling as much as 1.17 percent.
Mahindra and Mahindra Ltd and Tata Motors Ltd were down about 2 percent each, among the top percentage losers on the NSE index.
ITC Ltd rallied as much as 3.8 percent to a record high after the budget proposed a lower-than-expected increase in excise duty on some cigarette categories.
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