Thursday, 12 April 2018

Indian shares rise for 6th session on IT stocks

* NSE index up 0.16 pct, BSE index 0.29 pct higher
* Banks, oil marketing companies extend decline
* March retail inflation data due after mkt hours
April 12 (Reuters) - Indian shares edged higher on Thursday and extended their gains into a sixth session, driven by information technology stocks, although falls in banks and oil marketing companies capped the rise.
The Nifty IT index .NIFTYIT rose as much as 2.9 percent to its highest since Feb. 2 and was headed for a third consecutive session of gains on a weakening rupee and expectations of positive quarterly results. On Wednesday, it broke above a resistance from its descending trend line, suggesting that there was no more selling pressure.
Software services exporter Infosys Ltd INFY.NS will kick-start the January-March corporate results season on Friday.
HCL Technologies Ltd HCLT.NS rose as much as 4.4 percent, Tata Consultancy Services Ltd TCS.NS climbed 3.5 percent and Infosys gained up to 3 percent. now await March retail inflation data due after market hours on Thursday for cues about the economy. Retail inflation likely eased to a five-month low in March as increases in food prices slowed once again but remained above the central bank's medium-term target, a Reuters poll found. are rising in anticipation of earnings coming through. Further, there are early indications of increasing investment that is helping offset some softness in the services side," said Sunil Sharma, chief investment officer at Sanctum Wealth Management.

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