Menu
BW CFO World
Community for Finance Professionals, Consultants and allied businesses
  • Home
  • News
  • Videos
  • Articles
    • Credit & Capital
    • Economic Trends
    • Financial Compliance
    • Financial Leadership
    • Financial Management
    • Financial Reporting
    • Financial Strategy
    • Risk Management
    • Taxation
  • Featured
  • Nominate for Awards
Close Menu
August 4, 2022

Indian Shares End Higher On Tech Boost

Urvi Srivastava Financial Reporting

Indian shares closed higher for a sixth straight session on Wednesday, led by gains in information technology stocks, as investors await the central bank’s policy meeting outcome later this week.

The NSE Nifty 50 index rose 0.25 per cent to 17,388.15, at close, and the S&P BSE Sensex was up 0.37 per cent at 58,350.53, after see-sawing between gains and losses for most of the session against the backdrop of escalating U.S.-China tensions.

Looking ahead, traders are awaiting the outcome of the Reserve Bank of India’s (RBI) monetary policy meeting on Friday.

With inflation at multi-year highs, the RBI committee is seen raising rates, though the views on the quantum of increase were split wide between 25 basis points and 50 basis points, a Reuters poll of economists showed. read more

Helping the sentiment in domestic equities on Wednesday, foreign investors bought $860.5 million worth of Indian shares in the last two session after purchasing a net $618.05 million worth of shares in July.

Nifty’s IT sub-index closed up 1.35% after scaling its highest in more than a month in the session. Infosys Ltd (INFY.NS), Tata Consultancy Services Ltd (TCS.NS) and Tech Mahindra were the top gainers on the Nifty 50 index, rising over 1 per cent each.

Countering some of the gains, top automakers Tata Motors (TAMO.NS) and Maruti Suzuki India (MRTI.NS) fell 1.8 per cent and 2.3 per cent, respectively.

Nifty’s auto index closed 0.8 per cent lower, snapping five straight sessions of gains, over chip supply fears on the back of fresh US-China tensions after US House of Representatives Speaker Nancy Pelosi’s visit to Taiwan, which is home to the world’s biggest contract manufacturer of semiconductors.

“If there is any escalation (between US and China) by this weekend, that will likely disrupt the supply chain management globally for semiconductors,” said Prashanth Tapse, research analyst at Mehta Equities.

Among other individual stock moves, InterGlobe Aviation, the operator of India’s top airline IndiGo, closed 1.7 per cent higher ahead of its quarterly results.

(Reuters)

Urvi Shrivastav

→ Urvi Shrivastav

75th Independence Year: India Achieves 75,000 Recognised Startups Milestone Record Trade Deficit Adds To India’s External Balance Challenges

Related Posts

Financial Reporting

Twitter Plan To Fight Midterm Misinformation Falls Short, Say Voting Rights Experts

20220811_141730

Financial Reporting

Bumble Cuts Annual Revenue Forecast As Ukraine War, Competition Bite

Financial Reporting

Equity Mutual Funds Inflow Drops 43% In July

Movements

  • adobe danDan Durn Appointed As Adobe’s New Chief Financial Officer
  • Vineet Mahajan_Vineet Mahajan Appointed As New CFO Of Avanse Financial Services On Sept 27
  • bharat pet director financeVetsa Ramakrishna Gupta To Lead Bharat Petroleum As Director Finance
  • tender cuts cfoTenderCuts Names Satya Rakesh as New CFO
  • dailmer CFOManish Thakore Helms Daimler India Commercial Vehicles as CFO

Selected Stories

  • Zerodha Faces Snag In Early Trade, Issue Resolved

    Read more

  • 20211201_100953Department Of Telecom Extends Spectrum Payment Date To August 17

    Read more

  • 20220812_102211Southern Petrochemicals Reports Q1 PAT At Rs 66.85 Cr

    Read more

  • Twitter Plan To Fight Midterm Misinformation Falls Short, Say Voting Rights Experts

    Read more

  • rupeeRupee Opens Tad Lower; Retail Inflation Data, Flows Eyed

    Read more

Categories

  • Accounting
  • CFO Stance
  • Credit & Capital
  • Economic Trends
  • Featured
  • Financial Compliance
  • Financial Leadership
  • Financial Management
  • Financial Reporting
  • Financial Strategy
  • Financial Technologies
  • Global News
  • Interview
  • Movements
  • Risk Management
  • Taxation

Recent Comments

    Back To Top
    BW CFO World
    • Home
    • News
    • Videos
    • Articles
      • Credit & Capital
      • Economic Trends
      • Financial Compliance
      • Financial Leadership
      • Financial Management
      • Financial Reporting
      • Financial Strategy
      • Risk Management
      • Taxation
    • Featured
    • Nominate for Awards
    © Copyright BW BUSINESSWORLD 2018. All Rights Reserved.