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Nifty, Sensex rise for sixth session on IT stocks

Reuters 

By Sridhar

(Reuters) - Indian shares edged higher on Thursday and extended their gains into a sixth session, driven by stocks, although falls in banks and companies capped the rise.

The index rose as much as 2.9 percent to its highest since February 2 and was headed for a third consecutive session of gains on a weakening rupee and expectations of positive quarterly results. On Wednesday, it broke above a resistance from its descending trend line, suggesting that there was no more selling pressure.

will kick-start the January-March corporate results season on Friday.

rose as much as 4.4 percent, climbed 3.5 percent and Infosys gained up to 3 percent.

Investors now await March data due after market hours on Thursday for cues about the economy. likely eased to a five-month low in March as increases in slowed once again but remained above the central bank's medium-term target, a poll found.

"Markets are rising in anticipation of earnings coming through. Further, there are early indications of increasing investment that is helping offset some softness in the services side," said Sunil Sharma, at

The broader NSE Nifty was up 0.16 percent at 10,433.70 as of 0548 GMT, while the benchmark BSE Sensex was 0.29 percent higher at 34,038.57. Both the indexes were on track for their longest winning streak since January.

Among gainers, rose as much as 2.8 percent to its highest in more than a month on potential benefits from Mylan NV's tie-up with Kirin Biologics.

companies extended their decline as tensions over pushed up globally. Both and dropped over 3 percent, while plunged nearly 5 percent.

also continued to fall with the Nifty PSU index down over 1 percent. Ltd dropped as much as 3.1 percent to a one-week low after the Reserve of India penalised the lender for failure to adhere to the norms of income regulation and asset reclassification.

The Nifty dropped for the first time in four sessions, with recent outperformer shedding over 2 percent.

(Reporting by in Bengaluru; Additional reporting by Gaurav Dogra; Editing by Subhranshu Sahu)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 12 2018. 12:27 IST
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