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Staff of Reuters Read for 2 minutes (Reuters) – BENGALURU (Reuters) – On Thursday, Indian equities surged to near record highs, boosted by gains in technology firms, as investors awaited significant earnings reports following the improvement of Infosys’ annual sales projection. On January 3, 2020, a guy walks out of the Bombay Stock Exchange (BSE) building in Mumbai, India. FILE PHOTO: REUTERS/Francis Mascarenhas By 0443 GMT, the NSE Nifty 50 index had risen 0.2 percent to 15,885, while the S&P BSE Sensex had up 0.21 percent to 53,016.4. More contract wins from global corporations growing their digital solutions during the COVID-19 pandemic helped Infosys’ earnings and projections, which increased as much as 1.3 percent before surrendering up some gains. The Nifty IT index hit a new high of 0.9 percent. In a note, V K Vijayakumar, chief investment strategist at Geojit Financial Services, said that results from Infosys and Tata Consultancy Services, with robust outlooks, augur well for the industry and can encourage future investments. “This segment of the market is still performing well. However, because foreign institutional investors are continuous sellers at higher levels, Nifty is anticipated to find resistance around 15,900 “Vijayakumar expressed his thoughts. Wipro climbed 2% ahead of its results, which are expected later in the day. Larsen & Toubro Infotech rose 4.6 percent after reporting its profits on Thursday. Larsen & Toubro Ltd, the company’s parent and a Nifty 50 component, rose 3.7 percent. Following news that Baring Private Equity Asia was scheduled to acquire a controlling position in Hinduja Global Solutions’ healthcare outsourcing segment, the stock jumped 5%. Dilip Buildcon fell 6% after the roads authorities temporarily barred the company from bidding on any projects pending the outcome of an investigation into an accident at its construction site. RBL Bank fell 3% after announcing that a regulatory prohibition on Mastercard will have an impact on credit card issuances. Meanwhile, the bank said that it had signed a credit card agreement with Visa. After U.S. Federal Reserve Chairman Jerome Powell allayed inflation fears, Asian stocks rallied. Chris Thomas contributed reporting from Bengaluru, and Uttaresh.V. edited the piece./nRead More

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