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Indian shares open higher on gains in IT stocks, Reliance boost

Bengaluru - Information technology stocks, which helped pare losses towards the close the previous session, continued their gains on Tuesday.

Indian shares opened higher on Tuesday after closing lower in the previous session, helped by gains in heavyweight information technology stocks and conglomerate Reliance Industries.

The blue chip NSE Nifty 50 index rose 0.46 per cent to 14,998.50 and the benchmark S&P BSE Sensex added 0.45 per cent to 50,622.16 by 0356 GMT.

A renewed surge in Covid-19 cases, a jump in February inflation to a three-month high and a fall in January industrial output had led the Nifty to drop as much as 1.90 per cent and the Sensex 1.96 per cent on Monday.

Information technology stocks, which helped pare losses towards the close the previous session, continued their gains on Tuesday.

The Nifty IT index rose 0.56 per cent. Software services provider Infosys Ltd added 0.8 per cent and was the top boost to the Nifty 50. Oils-to-telecom conglomerate Reliance Industries Ltd gained 0.3 per cent.

Tata Communications Ltd fell 6.2 per cent after the telecoms services provider said the government would sell up to a 10 per cent stake in the company through an offer for sale, at a discounted floor price to the stock’s last close.

Broader Asian markets were set to open higher, following record highs on Wall Street overnight, amid investor optimism over vaccinations and approval of the US $1.9 trillion stimulus bill.