Indian shares gain as Infosys, banks stocks climb

Indian shares were higher in early trades on Friday, led by gains in IT giant Infosys, bank stocks, and strength in broader Asia.

Indian shares gain as Infosys, banks stocks climb
People walk past a new brand identity for Nifty Indices inside the National Stock Exchange (NSE) building in Mumbai, India, May 28, 2019. REUTERS/Francis Mascarenhas

BENGALURU, Oct 14 (Reuters) - Indian shares were higher in early trades on Friday, led by gains in IT giant Infosys, bank stocks, and strength in broader Asia.

The NSE Nifty 50 index was 1.77% higher at 17,315.60 as of 0350 GMT, and the S&P BSE Sensex climbed 1.86% to 58,297.87.

Both the indexes had closed down over 0.6% in the previous session.

In early trades, Infosys Ltd climbed as much as 4.6% and was the top boost to the Nifty 50 index.

The country's No.2 IT services company reported a bigger-than-expected increase in second-quarter profit, boosted by strong margin growth.

Nifty's IT, private sector bank, and public sector bank indexes were up over 2% each.

Two- and three-wheeler maker Bajaj Auto, a Nifty- 50 component, was 1% higher ahead of its quarterly earnings results later in the day.

Nifty's auto index was 1.28% higher.

Asian shares climbed on Friday following Wall Street, although gains could be shortlived over recession worries after surging U.S. inflation increased the likelihood of higher interest rates for longer.

Reporting by Rama Venkat in Bengaluru; Editing by Neha Arora