Indian shares extended the previous session's gains on Thursday, with IT stocks pacing the gainers after IBM and eBay posted better than expected quarterly earnings. Tech shares rose across Asia following a rally among their U.S. peers overnight on the back of Intel's upbeat comments on the corporate IT market. TCS, India's largest software services exporter, rose 0.4 percent, Infosys climbed 3.1 percent after recent steep losses and Wipro ended 1.2 percent higher.
The benchmark 30-share Sensex moved in a narrow range before ending up 94 points or 0.55 percent higher at 17,279, while the broader Nifty index rose by 26 points or 0.51 percent to 5,243.
Consumer durable, oil/gas, power and metal stocks also saw stock-specific buying, while automakers ended on a mixed note ahead of an impending hike in fuel prices. Car maker Maruti Suzuki plunged 8.7 percent as it stopped production at its Manesar plant due to scuffle between workers and management employees.
Two-wheeler manufacturer Hero MotoCorp slid 1.4 percent after reporting a modest 10 percent rise in quarterly net profit. Tata Motors, India's largest automaker, advanced 1.3 percent, while utility vehicles manufacturer Mahindra & Mahindra ended largely unchanged.
Telecom stocks ended mostly lower after a ministerial panel deferred its decision on the 2G spectrum pricing. Bharti Airtel fell 2.3 percent, Idea Cellular tumbled 3.9 percent and Reliance Communication slid 1.7 percent, but Tata Teleservices rose 0.4 percent.
Elsewhere, other Asian markets rose broadly, as gains in U.S. housing starts and strong earnings reports from U.S. tech majors eased worries about a sharp slowdown in corporate profit growth. European stocks were higher in early trading and the Dow futures pointed to a higher start despite a weak Spanish bond auction.
by RTT Staff Writer
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