Indian Shares Rally as IT Stocks Extend Gains Amid AI Woes

RTTNews··Read original
3▲1 ▼0Impact / 5
Summary · why it matters

Indian shares traded sharply higher on Wednesday after data showed India's industrial production grew 7.3 percent in June, the fastest in nearly two years. The benchmark 30-share BSE Sensex surged 750 points, or 1 percent, to 77,516 in early trade, while the broader NSE Nifty index was up 224 points, or 0.9 percent, at 24,208. IT stocks extended strong gains from the previous session, with Tech Mahindra, TCS and Infosys surging 2 to 4 percent on AI valuation concerns ahead of key tech earnings. Larsen & Toubro jumped more than 3 percent as it reported a 14 percent year-on-year rise in quarterly consolidated net profit, and Tata Capital soared 4 percent on reporting a 56 percent year-on-year rise in its first-quarter profit. DCM Shriram climbed 4.4 percent as it posted a more than six-fold increase in quarterly profit, while Adani Enterprises and Bajaj Housing Finance were moving higher ahead of their quarterly earnings results due today.

Impact on assets 2

Energy Transition & Power Demand▲
Information Technology▲

Off-coverage companies 6

DCM Shrirami
Private▲ PositiveCapitalrelevance

DCM Shriram posted a more than six-fold increase in quarterly profit.

Tata Capitali
Private▲ PositiveCapitalrelevance

Tata Capital reported a 56% year-on-year rise in first-quarter profit.

Adani Enterprises Limitedi
Private± Mixedrelevance

Moving higher ahead of quarterly earnings results due today; no results yet.

Bajaj Housing Financei
Private± Mixedrelevance

Moving higher ahead of quarterly earnings results due today; no results yet.

Tata Consultancy Services Limitedi
Private± Mixedrelevance

Tech Mahindra Limitedi
Private± Mixedrelevance