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Indian shares end higher on IT boost; Zomato closes 65% above offer price

07/23/2021 | 06:38am EDT

BENGALURU, July 23 (Reuters) - Indian shares ended higher in a volatile session on Friday as gains in IT stocks and a stellar debut by food delivery startup Zomato more than offset losses in the telecom sector.

The blue-chip NSE Nifty 50 index ended up 0.2% at 15,856.05 and the benchmark S&P BSE Sensex ended up 0.26% at 52,975.80.

Zomato Ltd closed nearly 65% above its offer price at 125.20 rupees, reflecting investor interest in internet-based consumer startups expected to thrive during the COVID-19 pandemic..

Telecom shares, however, fell after India's top court rejected a plea by mobile carriers seeking corrections of what they called errors in the government's calculation of their dues.

Shares of embattled telecom firm Vodafone Idea fell as much as 14.6% to its lowest since Oct. 20, while Bharti Airtel lost as much as 2.6% before ending marginally higher.

IT stocks ended up 0.38%, with Persistent Systems , Mphasis Ltd and Wipro Ltd gaining the most on the sub-index, with analysts saying that most of the weekly moves in domestic markets were range-bound.

Quarterly results from Reliance Industries Ltd and Ambuja Cements are due later in the day. Investors will look out for any pandemic impact on the results of the oil-to-telecom conglomerate.

Reliance's first-quarter profit is expected to be 128.38 billion Indian rupees ($1.72 billion) and revenue 1.55 trillion rupees, according to Refinitiv data.

"Globally, the trend of rise in COVID-19 cases due to the Delta variant, especially in the UK and Asia, and inflation concerns are some key risks the market is grappling with," Shibani Kurian, senior EVP and head of equity research at Kotak Mahindra Asset Management Company, said in a note.

Meanwhile, world stocks perked up after a volatile week dominated by sentiment changes over the global economic outlook and the Delta variant. European stock markets opened broadly higher while Asian shares, outside Japan, were largely lower. ($1 = 74.4360 Indian rupees) (Reporting by Vishwadha Chander in Bengaluru; Editing by Shailesh Kuber and Arun Koyyur)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMBUJA CEMENTS LIMITED -2.13% 410.75 End-of-day quote.65.06%
BHARTI AIRTEL LIMITED 1.79% 739.2 End-of-day quote.45.14%
JSW STEEL LIMITED -2.74% 659 End-of-day quote.70.15%
MPHASIS LIMITED 0.08% 3345.25 End-of-day quote.117.13%
PERSISTENT SYSTEMS LIMITED -0.53% 3751.8 End-of-day quote.147.87%
RELIANCE INDUSTRIES LTD -0.29% 2482.7 Delayed Quote.25.05%
STEEL AUTHORITY OF INDIA LIMITED -2.13% 108.1 End-of-day quote.45.88%
TATA STEEL LIMITED -3.60% 1271.9 End-of-day quote.97.64%
VODAFONE IDEA LIMITED 9.00% 11.5 Delayed Quote.7.98%
WIPRO LIMITED 0.34% 676.65 End-of-day quote.75.18%
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