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Indian stocks gain amid IT boost, hit record high in session

Tuesday,   19-Oct-2021   11:47 AM (IST)

Indian shares edged up on Tuesday, with information technology shares driving most of the gains amid expectations of strong corporate earnings for the September quarter. The NSE Nifty 50 index was up 0.4% at 18,542, while the S&P BSE Sensex rose 0.38% to 61,997.66 by 0530 GMT. Earlier in the session, the NSE hit a record high of 18,604.45. India’s central bank said on Monday policy support is needed for longer for a sustained recovery in Asia’s third largest economy from a coronavirus-induced slowdown, even as demand has picked up. The Nifty IT index rose 2.8% and was the top gainer among the sub-indexes. Shares of information technology services provider Larsen and Toubro Infotech surged 14% after reporting strong September-quarter results. Consumer giant Hindustan Unilever is among a slew of companies that will report earnings later in the day. TTK Prestige surged as much as 20% to a record high of 10,587.15 rupees after the kitchen appliance maker said it will consider a sub-division or split of shares. Shares of fast moving consumer goods company ITC Ltd fell 4% and was the top loser on the bluechip Nifty 50 index. Indian Energy Exchange soared nearly 20% to a record high on Tuesday after the energy trading platform said it will consider a bonus issue of shares.