IT leads Indian shares to record highs
Updates at 9:53 a.m. IST
By Bharath Rajeswaran and Hritam Mukherjee
BENGALURU, July 4 (Reuters) -Information technology companies led Indian shares higher on Thursday, in line with Asian peers, after softer U.S. data boosted hopes for a rate cut in September.
The NSE Nifty 50 .NSEI was up 0.42% at 24,389.2 points, while the S&P BSE Sensex .BSESN added 0.46% to 80,359.19 points, hitting record highs, as of 9:53 a.m. IST.
Asian shares rose on renewed bets that the Federal Reserve could begincutting rates in September following soft labour data in the world's largest economy. GLOB/MKTS
Higher Fed rate makes emerging markets equitiesunattractive for foreign investors as elevated U.S. bond yields offer safety over riskier assets.
"The economic data from the U.S. is likely to give the Fedenough comfort to begin lowering the interest rate in the last quarter of the year," said Ajit Banerjee, chief investment officer at Shriram Life Insurance.
The sentiment in Indian markets continues to remain bullish, but the key trigger for the rally to sustain will be the nationalbudget later in the month, besides earnings, Banerjee added.
Nine of the 13 major sectors in India logged gains. U.S. rate-sensitive IT stocks .NIFTYIT rose 1.3%, with all 10 constituents of the index advancing.
IT companies, which earn a significant share of their revenue from the U.S., stand to benefit from an early rate cut, according to analysts.
Drug maker Lupin LUPN.NS jumped 2.8% after Kotak Institutional Equities double-upgraded the stock to "add" from "sell", citing a robust earnings outlook.
Private lender ICICI Bank ICBK.NS rose 2% on block deals. Non-bank lender L&T Finance LTFH.NS rose about 3% after strong loan growth and disbursal numbers in the June quarter.
Real estate developer Brigade Enterprises BRIG.NS rose 4% after signing a joint development deal for a residential project in Bengaluru worth about 11 billion rupees (about $132 million).
Suryoday Small Finance Bank SURO.NS jumped 3.4% after reporting 42% rise in gross advances in the June quarter.
($1 = 83.5325 Indian rupees)
Reporting by Hritam Mukherjee and Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala, Nivedita Bhattacharjee and Janane Venkatraman
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