Indian shares jump as IT stocks gain momentum

Gulf Today Report

Indian shares advanced on Wednesday as IT stocks rallied outweighing sentiments over global economic recovery.

The NSE Nifty 50 index rose 0.49% to 13,531.70 by 05:05 GMT, while the benchmark S&P BSE Sensex inched 0.5% higher to 46,232.97. 

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In Mumbai, the Nifty IT index jumped 1.73% to hit a record high. The index is set to record its fifth straight weekly gain.

Siddhartha Khemka, head of retail research at Motilal Oswal Securities in Mumbai said  IT and pharma stocks are gaining momentum in the markets.

According to reports on Tuesday, India might be on its way to approving Oxford/AstraZeneca’s vaccine.