BENGALURU (Reuters) – Indian shares ended higher on Monday as Tata Consultancy Services’ market capitalisation touched 10 trillion rupees ($136.46 billion) on share buyback plans and banking stocks gained after the government said it would waive interest levies on some loans under moratorium.
The Nifty ended 0.76% higher at 11,503.35 and the Sensex gained 0.71% to close at 38,973.70.
IT heavyweight TCS said it would consider a share buyback later in the week when it reports results, sending its shares up as much as 8.1% to a record high of 2,728.1 rupees.
The Nifty IT index rose 3.47%. Shares in TCS, Wipro Ltd and Infosys Ltd were among the top percentage gainers on the blue-chip Nifty 50.
The Indian government had told the country’s top court it would waive the compounding interest component on loans up to 20 million rupees under a COVID-19 support plan, a legal filing showed.
The Supreme court will have its next hearing on the interest waiver case on October 13.
The NSE Bank index ended 0.56% higher, with shares of IndusInd Bank rising as much as 6.5% and Canara Bank Ltd shares closing 0.6% higher.
($1 = 73.2800 rupees)
(Reporting by Philip George in Bengaluru; Editing by Ramakrishnan M.)
(Bloomberg) — India’s benchmark equity index ended the session little changed as gains in Reliance Industries Ltd. and Tata Consultancy Services Ltd. were offset by a decline in banks and consumer stocks.
The S&P BSE Sensex closed at 37,973.22 after swinging between gains of as much as 0.7% and a fall of 0.4% in Mumbai. The NSE Nifty 50 Index fell 0.1%. The previous two sessions of gains have helped trim both gauges’ first monthly losses since May, with overseas investors remaining net sellers of local stocks after four consecutive months of buying.
“In the absence of major cues, it appears to be a traders’ market,” said Chokkalingam G, chief investment officer at Equinomics Research & Advisory Ltd. in Mumbai. “Investors should trade cautiously and book profits wherever they can.”
India’s government is likely to unveil its borrowing plan for the second half of the year Wednesday, while the central bank has yet to reschedule a policy meeting that had been scheduled to start today.
The rupee weakened 0.1% to 73.8587 per U.S. dollar, while the yield on 10-year government bonds fell three basis points to 6.04%.
Twelve of 19 sector indexes compiled by BSE Ltd. fell, led by a 2.1% decline in a gauge of telecom companies weighed on by Bharti Airtel Ltd.ICICI Bank Ltd. contributed the most to the Sensex decline, decreasing 1.6%, while Oil and Natural Gas Corp Ltd. had the largest drop, falling 3.8%Reliance Industries Ltd. provided the biggest boost to