2 Minute Read by Reuters Staff Reuters, BENGALURU, July 14 – Indian stocks closed the day higher on Wednesday, boosted by advances in information technology (IT) sectors, with analysts expecting sector leader Infosys to announce greater quarterly earnings after the market closure. The blue-chip NSE Nifty 50 index advanced 0.26 percent to 15,853.95, while the benchmark S&P BSE Sensex climbed 0.25 percent to 52,904.05. Markets started the day slightly lower on Wednesday, as the greatest increase in U.S. inflation in 13 years fueled anticipation of Fed tapering, but a spike in domestic IT stocks helped wipe out the early losses. The Nifty IT index increased by more than 3% to a new high. MindTree and Wipro were among the top gainers in the sub-index, with shares rising 9.3 percent and 7.2 percent, respectively. Larger rival Infosys was up 2.1 percent ahead of first-quarter earnings, with analysts predicting a profit increase as global corporations extended their digital capabilities during the epidemic, according to analysts. S&P Global Ratings kept India’s sovereign rating at the lowest investment grade of ‘BBB-‘ on Tuesday, saying that the country’s capacity to rebound from the current economic downturn hinged on the government’s ability to implement reforms that encourage investment and job creation. Shivani Singh contributed reporting from Bengaluru, and Aditya Soni edited the piece./n
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