Sensex, Nifty edge higher as TCS earnings boosts IT stocks

Indian shares opened higher on Monday led by gains in information technology shares after Tata Consultancy Services, the country`s top software exporter, reported strong results and provided an upbeat outlook.

The blue-chip NSE Nifty 50 index rose 0.6% to 14,436 and the benchmark S&P BSE Sensex climbed 0.57% to 49,062.03 by 0346 GMT.

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The Nifty IT index rose 1.9%, while TCS gained 1.5% to hit a record high at 3,230 rupees.

TCS on Friday reported higher December-quarter profit and predicted stronger growth ahead, kickstarting corporate earnings season.

Shares of D-Mart operator Avenue Supermarts rose 2.8% after the company reported a 16.4% jump in December quarter profit over the weekend.

Meanwhile, Asian shares took a breather on Monday while Treasury yields were at 10-month highs as "trillions" in new U.S. fiscal stimulus plans were set to be unveiled this week.

The story has been taken from a news agency