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Indian shares gain for 4th session, led by technology, oil companies
MUMBAI, India - Indian shares rose for a fourth straight session on Tuesday, boosted by buying by local investors in technology and oil stocks.
The benchmark index of the Bombay Stock Exchange, the 30-share Sensex, rose 0.8 percent to 11,707 points. On the broader National Stock Exchange, the 50-company S&P CNX Nifty index climbed 0.7 percent to 3,426 points.
“I’d say the closing is quite strong and the money that was sitting on the sidelines continues to be reinvested in the market,” said Sharmila Joshi, a dealer at Mumbai-based brokerage Asit C. Mehta Investment Intermediaries.
Technology shares led the rally, tracking overnight gains on the Nasdaq.
Wipro closed 2.3 percent higher at 525 rupees, while Infosys Technologies Ltd. ended 2 percent up at 1,806 rupees and Satyam Computer Services Ltd. climbed 0.9 percent to 819 rupees.
State-run oil marketing companies rose on hopes that softening global crude oil prices would protect their profit margins _ Indian Oil Corporation Ltd. rose 3.1 percent to 485 rupees and Hindustan Petroleum Corporation Ltd. gained 0.7 percent to 271 rupees.
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