India's Sensex shoots past 61,000 mark

Indian shares were at record highs on Thursday and on course to finish the holiday-shortened week around 2 per cent higher, powered by gains in technology stocks following upbeat results from top firms Infosys and Wipro.

The NSE Nifty 50 index was up 0.67 per cent at 18,283.65, while the S&P BSE Sensex rose 0.62 per cent to 61,120.29 by 04:35 GMT. (Indian markets will be closed on Friday.)

Both indexes had scaled record peaks on Wednesday and have clocked gains this week, aided by factors such as the central bank assuring enough liquidity, easing inflation and news around an emergency nod for a COVID-19 vaccine for kids.

On Thursday, IT stocks drove gains, with the Nifty IT index rising 3.19 per cent and on track for its best session in three months. Earlier this week, the sub-index eked out losses after analysts flagged indications of moderating deal wins and margin pressure at Tata Consultancy Services.

"Infosys, Wipro results are strong and hopes of strong growth in the sector have now been revived and there's buying interest in IT stocks," said Siddhartha Khemka, head of retail research at Motilal Oswal Securities in Mumbai.

The country's No.2 IT services firm, Infosys, rose 4.4 per cent to a near threeweek high after it forecast revenue to rise between 16.5 per cent and 17.5 per cent in the financial year to March 2022. Smaller rival Wipro Ltd hit a record high and was the top gainer on the Nifty 50 index after a near 19 per cent rise in quarterly consolidated net profit.

Realty stocks also advanced with the index rising 3.4 per cent to a record high amid low interest rates and surging real estate prices.

A rally in auto stocks eased after five sessions with the Nifty auto index edging 0.2 per cent lower ahead of September auto industry sales data. Tata Motors which had seen a heady rally in recent sessions was down 1 per cent. Still, for the week the carmaker is up 31 per cent.

Meanwhile, Oil prices dropped on Wednesday, after a mixed finish in the previous session, amid worries that soaring coal and natural gas prices in China, India and Europe will stoke inflation and slow global growth, reducing oil demand.

A strong U.S. dollar, trading near a one-year high, also weighed on oil prices, as it makes oil more expensive for those holding other currencies. US West Texas Intermediate (WTI) crude futures fell 71 cents, or 0.9%, to $79.93 a barrel at 0247 GMT after gaining 12 cents on Tuesday.

Brent crude futures fell 70 cents, or 0.8%, to $82.72 a barrel, extending a 23 cent loss on Tuesday.

The International Monetary Fund on Tuesday cut its growth outlooks for the United States and other major economies on worries supply chain disruptions and cost pressures are holding back the global economic recovery from the coronavirus pandemic.

Commonwealth Bank analysts highlighted the IMF's concern that "momentum has weakened and uncertainty has increased".