Indian share rise following gains in IT

Gulf Today Report 

Indian shares rose on Wednesday after information technology stocks recorded gains and US Treasury Secretary pushed for a huge fiscal relief package in the United States.

The blue-chip NSE Nifty 50 index rose 0.4% to 14,574 and the benchmark S&P BSE Sensex was up 0.3% at 49,544.75. The Nifty and Sensex rose 1.7% on Tuesday. 

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Saurabh Jain, assistant vice president of research at SMC Global Securities in New Delhi said "these are the indicators investors are watching for... This is a classic bull run, which will continue until the central bankers take away the accommodative stance, which will not happen in the near future."

Joe Biden unveiled a $1.9 trillion stimulus package proposal to aid in boosting the economy.

"The IT companies have given phenomenal numbers and guidance was good. (Still) there was some profit booking. The underlying factors of Indian IT companies are pretty much strong. Serious investors will not unload positions in these stocks," Jain said.