Indian shares advance led by Infosys; Economic data eyed

india trader
Traders work at a brokerage in Mumbai, India. Reuters

India shares gained on Thursday on the back of buying in technology stocks even as caution prevailed ahead of the quarterly results and economic data later this week.

Rally in Asian shares petered out while bond markets reeled under losses amidst news reports that senior officials in Beijing have recommended slowing or halting purchases of U.S. bonds.

MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.5 percent, slipping further from Tuesday's 10-year peak. Japan's Nikkei also lost 0.5 percent, Reuters data showed.

The S&P BSE Sensex added 0.20 percent at 34,503 while the broader NSE Nifty gained 0.18 percent to 10,651.

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Traders were also cautious ahead of the Index of Industrial Production (IIP) data for November and Consumer Price Inflation (CPI) for December due on January 12.

Among the top Sensex gainers, Infosys rose 2.4 percent, Kotak Mahindra Bank advanced 1.9 percent, Bharti Airtel added 1.8 percent while HDFC was up 1 percent.

Welspun Enterprises gained 2.3 percent after the company entered into a concession pact with Madhya Pradesh government for Dewas water supply project.

But Tata Consultancy Services lost 0.8 percent ahead of its earnings due later in the day. The company is expected to post a net profit of Rs6532.70 crore on net sales of Rs31041.70 crore, according to Bloomberg estimate.

IndusInd Bank shares fell 2 percent after the lender saw increase in provision for bad loans in the quarter ended December 31.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

This article was first published on January 11, 2018