India's Nifty firm above 10,700 level; TCS, Infosys gain

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

India shares gained on Wednesday, with the broader Nifty index trading firm above 10,700 level on the back of buying in software makers.

Sentiment improved after India said it will cut planned additional borrowing for the current fiscal year to 200 billion rupees from 500 billion rupees.

The rupee recovered sharply by 25 paise to hit a high of 63.78 against the U.S. dollar in early trade.

At 0610 GMT, the S&P BSE Sensex added 0.33 percent at 34,883 while the broader NSE Nifty advanced 0.30 percent to 10,732.

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Among the top Sensex gainers, Axis Bank rose 2.3 percent, TCS jumped 2 percent, Infosys gained 2.6 percent while Adani Ports was up 2 percent.

Sun Pharmaceuticals rose 1 percent after the company said it got license to sell the generic version of Linzess in U.S. from 1 February 1, 2031.

Ipca Laboratories Ltd rose 2.4 percent the company said it acquired Pisgah Labs in US for $9.65 million.

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

Meanwhile, Asian shares scaled back from record highs, hurt by weak crude and commodity prices.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.15 percent from its record high as resource shares declined after oil and other commodities succumbed to profit-taking after recent gains, Reuters reported.

This article was first published on January 17, 2018