INDIA STOCKS — IT, financials lead Indian shares higher; hot US inflation caps gains
(Updates for morning trade) By Bharath Rajeswaran Oct 15 (Reuters) — Indian benchmark shares rose on Thursday due to upbeat sentiment from the ongoing quarterly earnings season, led by IT, financials and Reliance Industries, while hot US inflation data raised bets of another Federal Reserve rate hike this year and capped gains. The Nifty 50 climbed 1.15% to 22,881.90, while the BSE Sensex gained 1.21% to 73,656.40 as of 10:12 a.m. IST. Twelve of the 16 major sectors logged gains. The broader small-caps fell 0.6% and mid-caps rose 0.3%. IT index gained 2.4%, taking the index's three-session rise to about 8.3%. Infosys, TCS and HCLTech added 3% each. "The strength in the IT stocks following the results of HCLTech and the optimism surrounding that will hold the IT index strong," said VK Vijayakumar, chief investment strategist at Geojit Investments. Tech Mahindra and Wipro added 3.5% and 1.7%, respectively, ahead of their quarterly results due later in the day. Other Asian markets fell, dragged by AI-linked stocks, as quicker-than-expected US inflation reinforced concerns over tighter global monetary conditions, eroding the appeal of high-growth companies whose valuations are sensitiv
(Updates for morning trade) By Bharath Rajeswaran Oct 15 (Reuters) — Indian benchmark shares rose on Thursday due to upbeat sentiment from the ongoing quarterly earnings season, led by IT, financials and Reliance Industries, while hot US inflation data raised bets of another Federal Reserve rate hike this year and capped gains. m. IST. Twelve of the 16 major sectors logged gains.
3%. 3%. Infosys, TCS and HCLTech added 3% each. "The strength in the IT stocks following the results of HCLTech and the optimism surrounding that will hold the IT index strong," said VK Vijayakumar, chief investment strategist at Geojit Investments.
7%, respectively, ahead of their quarterly results due later in the day. Other Asian markets fell, dragged by AI-linked stocks, as quicker-than-expected US inflation reinforced concerns over tighter global monetary conditions, eroding the appeal of high-growth companies whose valuations are sensitive to interest-rate assumptions. MKTS/GLOB From the Indian market perspective, the correction in AI stocks is a positive, as that could potentially reverse the ongoing, persistent, record foreign outflows, Vijayakumar said. 4%, respectively.
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