IT leads India's benchmarks to record high; small-, mid-caps at all-time high
Updates a 10:55 a.m. IST
By Bharath Rajeswaran and Manvi Pant
BENGALURU, July 16 (Reuters) -India's benchmark indexes rose to a record high on Tuesday, led by information technology shares on firming bets of a rate cut as early as September.
Both the NSE Nifty 50 .NSEI and S&P BSE Sensex .BSESN rose about 0.3% each to record highs, and are hovering around those levels, as of 10:55 a.m. IST.
The Nifty 50 has hit all-time highs in eight of the 12 sessions so far in July, rising about 2.7% over the period.
All the 13 major sectors logged gains. Small- .NIFSMCP100 and mid-caps .NIFMDCP100 rose about 0.6% each to hit record highs as well.
The market's upward momentum is likely to continue ahead of the union budget with no near-term correction expected, said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
The Indian government is set to present the national budget on July 23, with analysts expecting the government to continue spending on infrastructure and to support manufacturing, as well as announce measures to boost consumption.
IT stocks .NIFTYIT gained about 0.5%, helped by firming bets of a U.S. rate cut in September and a positive earnings outlook for the sector on the back of results from Tata Consultancy Services TCS.NS and HCLTech HCLT.NS.
IT companies earn a significant share of their revenue from the U.S., and a rate cut in the world's largest economy could lead to improvement in client spending and spur further foreign inflows into Indian equities.
Among individual stocks, Hatsun Agro Products HAPL.NS climbed 12% after a surge in quarterly profit, while Century Textiles CNTY.NS rose 6% after its unit Birla Estates bought a land parcel with an estimated revenue potential of 14 billion rupees ($167.50 million).
Jio Financial JIOF.NS lost 2% after posting a drop in June quarter profit.
Paytm PAYT.NS lost about 2% after receiving a warning from the markets regulator for old transactions with its now wound-down banking unit.
($1 = 83.5725 Indian rupees)
Reporting by Bharath Rajeswaran and Manvi Pant in Bengaluru; Editing by Nivedita Bhattacharjee, Sohini Goswami and Janane Venkatraman
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