Indian indices ended higher on Wednesday, bucking the broad-based global trend, boosted by IT stocks as investors awaited June quarter earnings of IT major Infosys.
The Sensex ended 134 points higher at 52,904 while the Nifty rose 41 points to settle at 15,854. Broader markets were also in line with the benchmarks with the Nifty Midcap and Nifty Smallcap indices up 0.4 percent and 0.4 percent, respectively.
Meanwhile, Asian shares fell after data showing the biggest jump in U.S. inflation in 13 years fuelled investor expectations that the Federal Reserve could exit pandemic-era stimulus earlier than previously thought.
Back home, four of the top five Nifty50 gainers were from the IT space lifting the sectoral index to over 3 percent. These included Wipro, Tech Mahindra, Infosys and HCL Tech.
Infosys rose over 2 percent ahead of its June quarter earnings later today. It is expected to be a strong quarter for the IT major with it leading in terms of revenue growth at least in the large-cap space. A poll of analysts conducted by CNBC-TV-18 has found that the street expects a dollar revenue growth of 4 percent compared to the 2.8 percent growth that TCS reported.
Midcap IT firm Mindtree also rallied 8 percent to Rs 2,692 on the BSE after the IT services company reported better than estimated earnings for the June quarter.
However, Maruti, HUL, Adani Ports, Nestle India and Titan led the losses on Nifty50.
Among other sectors, Nifty Pharma rose 0.3 percent while Nifty Bank recovered from early losses to end flat. Meanwhile, Nifty Auto, Nifty Fin Services and Nifty FMCG witnessed some selling.
(Edited by : Pranati Deva)
First Published: IST