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
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
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
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
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)