BENGALURU: Indian shares opened higher on Tuesday, led by information technology stocks, while auto stocks rose as monthly sales data trickled in.
The Nifty 50 index rose 0.18% to 25,860.25 points as of 9:32 a.m. IST, while the S&P BSE Sensex added 0.23% to 84,495.14.
Nine of the thirteen major sectoral indexes rose in early trade.
Information technology gained 0.75%, led by a 3.5% rise in Tech Mahindra, which rose after CLSA upgraded the stock to “outperform” from “hold” and hiked its target price citing likely expansion in profit margin.
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Tech Mahindra was the top percentage gainer on the Nifty 50 index.
Nine of the 10 constituents of the Nifty IT index advanced. Positive commentary from the US Federal Reserve Chair Jerome Powell on the health of US economy also aided interest in IT companies, two analysts said.
Indian IT companies earn a significant share of their revenue from the US Auto stocks rose 0.5% on the day, with heavyweight Mahindra & Mahindra adding 1% after its September total vehicle sales grew 16% from a year earlier.
Source: Brecorder
